State Controller Reports March Revenues Lag 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.