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Income Tax Withholding Tracker October 4, 2022
September PIT withholding came in $350m (nearly 5 percent) lower than last year. For the fiscal year so far, withholding is running 2.5 percent lower than last year, with all of the weakness coming since the last week of August.
Updated 2022-23 "Big Three" Revenue Outlook September 14, 2022
Based on the most recent revenue and economic data, we currently estimate that collections from the state’s “big three” taxes—personal income, sales, and corporation taxes—are more likely than not to fall below the Budget Act assumption of $210 billion in 2022-23.
Income Tax Witholding Tracker: August 2022 September 1, 2022
August state income tax withholding was down $450 million (6.1 percent) compared to last year.
Cannabis Tax Revenue Update August 22, 2022
Cannabis tax revenues have declined substantially for three straight quarters.
Income Tax Witholding Tracker: July 2022 August 5, 2022
California income tax withholding collections were $90 million (1 percent) lower in July compared to last year.
Income Tax Withholding Tracker: June 2022 July 11, 2022
California income tax collections were down 2 percent in June relative to last year.
Cannabis Tax Revenue Update May 26, 2022
Preliminary cannabis tax revenue for 3rd quarter of 2021-22: $189 million.
The 2022-23 Budget: May Revenue Outlook May 16, 2022
We discuss our May revenue outlook.
2021-22 “Big Three” Revenue Outlook Update: April 20, 2022 April 21, 2022
Our estimates suggest that it is virtually certain that collections from the state’s “big three” taxes—personal income, sales, and corporation taxes—will significantly exceed the Governor’s Budget assumption of $185 billion in 2021-22. Currently, our best estimate is that there will be somewhere between $33 billion and $39 billion in unanticipated revenue.
2021-22 “Big Three” Revenue Outlook Update: March 2022 March 28, 2022
Based on the most recent revenue and economic data, we currently project that there is a very good chance that collections from the state’s “big three” taxes will exceed the Governor's Budget assumption of $185 billion in 2021-22 by at least several billion dollars.
Cannabis Tax Revenue Update February 23, 2022
Preliminary cannabis tax revenue for 2nd quarter of 2021-22: $196 million. Over the past year, cannabis tax revenue has grown much more slowly than it did previously.
2021-22 “Big Three” Revenue Outlook Update: February 2022 February 17, 2022
Based on the most recent revenue and economic data, we currently project that there is a very good chance that collections from the state’s “big three” taxes will exceed the Governor's Budget assumption of $185 billion in 2021-22 by at least several billion dollars.
2021-22 “Big Three” Revenue Outlook Update: January 2022 January 21, 2022
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 Governor's Budget assumption of $185 billion in 2021-22.
Income Tax Withholding Tracker: November 1 - November 30 November 30, 2021
California income tax withholding collections in November were up nearly a third over last November.
Cannabis Tax Revenue Update November 30, 2021
Preliminary cannabis tax revenue for 1st quarter of 2021-22: $211 million.