The state's surprisingly strong growth in income tax withholding has been led by high-tech sectors, but many other sectors are showing big gains as well.
California income tax withholding collections to date in April are up 30.3 percent over April 2020, and collections to date in fiscal year 2020-21 are up 11.9 percent over 2019-20.
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.
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.
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.
California income tax withholding in December to date is up 19 percent from 2019, and collections since March 23 are up 5 percent.
Income tax withholding this week kept pace with the same week in 2019, and collections since late March are 3.5 percent above 2019.