December 10, 2015
Preliminary Tax Agency Data for November 2015. The state's tax agencies have released preliminary data concerning November 2015 collections of California's major state taxes: the personal and corporate income taxes, as well as the sales and use tax. General Fund personal income tax collections of $3.8 billion were $103 million above the Governor's revenue projections for the month, while corporation taxes (after deducting refunds) were -$10 million ($55 million below the Governor's projections for the month). Sales and use taxes of $2.4 billion were $267 million below the Governor's projections for the month.
"Big Three" Taxes $653 Million Above Projections for 2015-16 To Date. As shown below, the state's "Big Three" taxes are a combined $653 million above the budget act projections produced by the Governor's administration for 2015-16 to date.
December and January Are Key Income Tax Collection Months. Our office's November 18 Fiscal Outlook anticipated that "Big Three" General Fund revenues for the entire 2015-16 fiscal year (ending June 30, 2016) would exceed budget act projections by $3.6 billion. December and January are key income tax collection months and may shed light on whether 2015-16 revenue totals will be significantly above or below our Fiscal Outlook estimates.
Methodology. Revenue collections are tracked relative to the annual budget act by using real-time tax agency (agency cash) data. Revenue totals tracked by an alternative method ("Controller's cash") are not used for tracking monthly revenue collections relative to the annual budget act. (This alternative method is used to track state cash balances only.)
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