Some Major Revenue Action Necessary in April’s Final Innings

Dozens of bags full of six figure tax returns need to be found for the state to meet its revenue target for April.

Unlike the past two years when the Monday following April 15 yielded returns of $1.5 billion and $1.6 billion, this year’s Monday April 19 brought in just $699 million.    Read more »

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Eight Days to Go and the Tax Revenue Still Far from Targets

While the Franchise Tax Board insists there are still plenty of bags of tax returns to open, April 22 receipts reflected a four-day fall from $699 million on Monday April 19 to $300 million.

Bank and corporations tax collections, which were $68 million on April 19 were $32.2 million April 21, Franchise Tax Board tallies show.    Read more »

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Nine Days To Go in April: Revenue Still Far Below Estimates

State tax collections fell or the third straight day April 21, increasing the odds California will not meet its revenue projections for the month.

Gov. Arnold Schwarzenegger’s proposed budget predicts nearly $10.5 billion in personal income tax revenue for the month and an additional $1.9 billion in bank and corporations tax receipts.    Read more »

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Tax Receipts Lag at a Time of the Month They Should Climb

While the Franchise Tax Board insists its still to early to assess how tax collections will fare by the end of the month, April 20 was another disappointing day.

Personal income tax receipts for the day were $468 million, down from $699 million on April 19. Last year, combined totals for the first two days after the weekend following April 15 were  $1.7 billion.    Read more »

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Not Exactly a Powerhouse Monday for April Tax Collections

April 19’s tax collections from the first weekend after April 15 weren’t terribly robust, according to Franchise Tax Board tallies.

Personal income tax receipts of $699 million were logged, down $150 million from Friday, April 16’s collections.

Bank and corporation taxes tallied April 19 were  $68 million, nearly 10 times less April 16’s $654 million.    Read more »

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No Dancing in the Streets But It’s Getting Better All the Time

Tax collections are starting to get up a head of steam.

The day after April 15, the Franchise Tax Board reported income tax receipts of $858 million — more than twice the previous day’s haul of $424 million.

That pushed month-to-date collections to $2.4 billion – still well shy of Gov.    Read more »

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State’s Unemployment Rate Rises in March to 12.6 Percent

(Editor’s Note: Here is how the state Employment Development Department portrays the March increase in unemployment – as a subhead to the addition of 4,200 jobs to a workforce of at least 13,842,000.)

California’s Nonfarm Payroll Jobs Increase by 4,200 Unemployment Rate Increases to 12.6 Percent

SACRAMENTO – California’s unemployment rate was 12.6 percent in March and nonfarm payroll jobs increased by 4,200 during the month, according to data released today by the California Employment Development Department from two separate surveys.    Read more »

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Healthy Spike in Tax Revenue But Watch the Week of April 19

The Franchise Tax Board reports personal income tax collections on April 15 of $424 million, up $134 million from the prior day.

Bank and corporations tax collections almost tripled from $48 million on April 14 to more than $140 million.

Halfway through the month, personal income tax receipts total $1.5 billion.    Read more »

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No Guarantees On April Tax Collections But Trend is Good

The trend line is good for April income tax collections.

But, as of April 14, the state is still more than $9.3 billion away from the $10.48 billion estimate Gov. Arnold Schwarzenegger used to create his budget proposal for the fiscal year beginning July 1.

As Californians scramble to file their taxes by April 15, state budget writers are anxiously watching revenue collections.    Read more »

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March Revenue Is $356 Million Above Governor’s Estimates

SACRAMENTO – State Controller John Chiang today released his monthly report covering California’s cash balance, receipts and disbursements in March. The month’s receipts rose above the Governor’s 2010-11 budget estimates by $356 million, or 5.9 percent.

“March numbers were strong on both sides of the ledger. Receipts came in above projections and expenditures came in below,” said Chiang.    Read more »

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