California income tax withholding collections to date in March are up 20.3 percent over last year, and collections to date in fiscal year 2020-21 are up 11.0 percent over 2019-20.
Cannabis taxes raised $155 million in the second quarter of 2020-21.
California income tax collections this month to date are 7.8 percent above last February, and cumulative collections since late March are up 6.4 percent over the same period in 2019-20.
Venture capital is a key funding source for high technology startups and other young firms.
Revenue collections through January have been well ahead of projections in the recently released 2021-22 Governor’s Budget. After accounting for changes in constitutionally-required spending, we estimate that these higher-than-expected collections represent a roughly $4 billion increase in discretionary state funding relative to the Governor’s Budget.