Tax agencies have provided preliminary information on key July 2016 state General Fund revenues.
This post compares the administration's multi-year forecast revenue estimates with those generated under the LAO May 2016 economic growth scenario through 2019-20. (This does not reflect required transfers to the Budget Stabilization Account under Proposition 2 under the LAO figures, as those estimates are still under development.)
This post discusses the near-term state General Fund revenue outlooks of both the administration and our office.
We have now received preliminary data from all the tax agencies concerning April 2016 collections of the personal income tax, the sales and use tax, and the corporation tax. These are the state General Fund's "Big Three" revenue sources.
We have received preliminary information from the state's tax agencies on February 2016 collections of the California's "Big Three" state General Fund taxes.
We have received data on January 2015 state revenue collections from California's tax agencies.
We provide a comment on the key tax revenue projections in the Governor's initial 2016-17 state budget proposal, which was released on January 7, 2016.
We have received preliminary data from tax agencies concerning California's state income tax collections in December 2015.
On December 31, 2015, the California Supreme Court generally ruled in favor of the state's Franchise Tax Board in a major corporate tax case known as Gillette Company et al., v. Franchise Tax Board.
Preliminary tax agency data on November 2015 revenue collections has been received.
Preliminary data has been released by the state's tax agencies concerning October 2015 state revenue collections.
Personal income tax collections in September were hundreds of millions above the Governor's projections for the month.
In its morning session on October 6, the California Supreme Court is scheduled to hear arguments in a key state tax case, Gillette Company et al., v. Franchise Tax Board.
Updated information about July 2015 major tax collections in California's General Fund has been released.
In total, 2014-15 General Fund agency cash revenue collections exceeded the Governor's estimate, as incorporated in the 2015-16 budget plan he signed into law last month, by $732 million.