California Money

Capitol Alert
By Jim Miller

May 1, 2015

California income tax collections in April exceeded Brown administration estimates by more than $1.6 billion, according to data posted Friday by the state controller’s office, pushing income tax revenue for the year $8 billion higher than during a comparable period in 2013-14.

Gov. Jerry Brown’s January budget proposal projected $12.2 billion in income tax revenue in April. Based on Friday’s numbers, the state netted $13.8 billion.

The higher-than-estimated revenue last month is on top of the $1.3 billion in extra 2014-15 revenue through March. The Legislature’s fiscal experts project that the margin will continue to grow by hundreds of millions of dollars – and potentially billions of dollars – through the June 30 end of the fiscal year.

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