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State coffers contain about $4.5 billion more than expected in personal income tax payments. Business taxes have also rebounded, signaling an economic recovery.

By Chris Megerian, Los Angeles Times
May 2, 2013, 7:30 p.m.

SACRAMENTO — California has been flooded with revenue this tax season and is on track to finish the fiscal year with a surplus of billions of dollars, according to officials.

State coffers contain about $4.5 billion more than expected in personal income tax payments. Nearly $2.8 billion of it arrived April 17, the third-highest single-day collection in California history, according to government figures.

Business taxes have also rebounded and are likely to be $200 million ahead of projections.

Gov. Jerry Brown will reveal his latest spending plans this month. State law may require much of the surplus to go to schools and community colleges.

After years of budget cuts, and after voters approved Brown’s tax hike in November, the pressure on the governor will be intense from lawmakers and advocates eager to restore money to programs that were sliced to close deficits. But Brown has already cautioned that there may not be much cash to spread around after education funding requirements are met.

“Depending upon how the money flows, it may not be as available as many people are now thinking,” he said recently.

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