California Economy and Taxes
 
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Thumbnail for Income Tax Withholding Tracker: September 1 - September 24

Income Tax Withholding Tracker: September 1 - September 24 September 24, 2021

The California income tax withholding surge continues, as September collections to date are 23.5 percent above last September.

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August 2021 State Tax Collections September 20, 2021

Through the first two months of the 2021-22 fiscal year, collections from the state’s three largest taxes are running 20 percent ($3.6 billion) ahead of budget projections. 

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2021-22 “Big Three” Revenue Outlook Update: September 2021 September 20, 2021

Based on the most recent revenue and economic data, we currently project that there is a strong chance that collections from the state’s “big three” taxes will exceed the budget act assumption of $170 billion in 2021-22. 

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A New Method For Current Year Revenue Forecasting September 20, 2021

We discuss our new model which provides a monthly update of our forecast of current year collections from the state’s “big three” taxes. 

Thumbnail for Income Tax Withholding Tracker: August 1 - August 27

Income Tax Withholding Tracker: August 1 - August 27 September 7, 2021

California income tax withholding remained very strong in August, coming in nearly 20 percent above August 2020.

Thumbnail for August 2021 Cap-and-Trade Auction Update

August 2021 Cap-and-Trade Auction Update August 26, 2021

August 2021 auction generates over $1.1 billion in state revenue.

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Cannabis Tax Revenue Update August 23, 2021

Preliminary tally of 2020-21 cannabis tax revenue: $817 million.

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Income Tax Withholding Tracker: July 1 - July 23 July 23, 2021

Income tax withholding from July 1 to July 23 was 17.8 percent above the same dates in 2020.

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Income Tax Withholding Tracker: June 1-June 25 June 25, 2021

California income tax withholding continues to surge, as June collections to date are nearly 25 percent above last June.

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Examining California's Income Tax Withholding Growth by Sector June 9, 2021

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.

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Cannabis Tax Revenue Update June 2, 2021

The administration currently estimates that retail excise tax revenue was $132 million and cultivation tax revenue was $31 million in the third quarter of fiscal year 2020-21 (January through March).

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Income Tax Withholding Tracker: May 1 - May 28 May 28, 2021

California income tax withholding in May was 29.4 percent above last May, when serious pandemic restrictions were in effect.

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May 2021 Cap-and-Trade Auction Update May 28, 2021

Preliminary results from the most recent quarterly cap-and-trade auction held on May 19, 2021 show the state receiving an estimated $916 million in revenue. 

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March 2021 State Tax Collections April 28, 2021

March collections from the state’s three largest taxes—the personal income tax, corporation tax, and sales tax—exceeded projections by $2.5 billion (30 percent).

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Income Tax Withholding Tracker: April 1 - April 26 April 26, 2021

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.