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.
California withholding collections through January 25 were up 7 percent from the comparable days in 2020, and withholding since March 23 is up 6.1 percent.