A coming surge in home sales by aging homeowners should boost local government property tax collections. These gains, however, are likely to be offset by an increase in the transfer of homes from parents to children which, unlike most home sales, does not trigger higher tax payments.
We tracked personal income tax (PIT) collections of California's tax agencies throughout April, a key month for receipts of the state government's largest revenue source. This post also includes prelimimary tax agency reports on April's corporation and sales tax collections.
On March 1, 2017, BOE reported that taxpayers claimed an estimated $165 million of these tax exemptions in 2016—a 6% increase from 2015.