|Budget Issue:||"Big Three" state taxes basically on target in January 2014|
|Finding or Recommendation:||This note provides updated sales, personal income, and corporation tax collection information for the State of California for the month of January 2014.|
January Sales Tax Collections Below Administration Estimates. Preliminary data from the State Board of Equalization shows that state sales and use tax (SUT) collections in January 2014 totaled $2.372 billion, or $115 million (4.6 percent) below the administration's revised monthly projection (as of the release of the 2014-15 Governor's budget proposal in early January).
Combined, "Big Three" State Taxes Basically On Target for the Month. In a previous post, we discussed initial data on personal and corporate income tax collections in January. Preliminary data received subsequently from the state's tax agencies show that in January, General Fund and Education Protection Account personal income tax (PIT) collections totaled $9.678 billion, or $21 million (0.2 percent) below the administration's revised monthly projection, and corporation tax (CT) collections totaled $240 million, or $170 million (242 percent) above the administration's revised monthly projection. (January is a minor month for CT collections, such that big percentage differences from projected collection totals are not unusual.) Accordingly, in January, the state's "Big Three" General Fund taxes—PIT, SUT, and CT—were a combined $33 million (0.3 percent) above the administration's revised projection for the month.