July 30, 2019
June Collections Slightly Exceed Estimates. Collections for the personal income tax (PIT), corporation tax, and sales tax were $350 million above the administration’s May estimates. June can be more volatile than most other months due to higher estimated payment collections. The higher than expected PIT miscellaneous payments are partly due to some of these payments coming in late to FTB.
2018-19 Total Collections Slightly Above Projections. Total collections for 2018-19 were $647 million above the administration’s May estimates. Compared to 2017-18, PIT collections increased by 5.9 percent and corporation tax collections increased 6.4 percent. These are relatively strong revenue growth rates for a mature economic expansion.