CONFIRMED: California Tax Revenue Is Coming Up Wildly Short Of Expectations

ORIGINAL POST, SEE UPDATE BELOW: A tipster just sent us this, and it does indeed look like April tax revenue in California is way below expectations.

This is from the website of California Controller John Chiang:

Because personal income taxes are a major source of revenue to the State, and because April is a big month for tax receipts, State Controller John Chiang provides a daily tally of personal income taxes this month.

Last year, personal income taxes accounted for 54.06 per cent of all State General Fund revenues. Of those receipts, 14.11 per cent arrived during the month of April.

Since April 1 this year, the State has collected a net total of $6.735 billion in personal income taxes. The Governor’s latest budget estimate projects income taxes will total $9.132 billion by the end of the month.

This chart provides year-to-date figures for April 2012 that reflect the amount of personal income taxes received, minus refunds paid. For comparison, the chart also includes income tax receipts from April 2011.

Below is the full table of receipts.

If you have any thoughts on this, or think we’re misinterpreting the gap, please let us know.

Click the image to enlarge.


UPDATE: Bloomberg confirms the same news, that tax revenue is coming in way behind expectations.

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