State Controller Reports March Revenues Lag Projections
Tuesday, April 10, 2012
California Controller John Chiang says March revenues came in below state budget projections.
California Controller John Chiang says March revenues came in $233 million below the latest estimates in the Governor’s proposed budget. Most of the shortfall was in corporate tax receipts, which were more than 8% below projections. Sales and personal income taxes were also down.
The personal income tax is a major source of revenue for the state. April tax receipts are taken into account in the Governor’s revised budget that’s released in May. The state Controller says more than 35% of all revenues are expected in the next three months, making this the most important period for tax collection in the fiscal year.
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