Published: Friday, Apr. 30, 2010 – 12:00 am | Page 3A
April income tax revenue unlikely to ease state budget predicament
California’s bad budget juju is beginning to emerge again for lawmakers looking for ways to close an $18.6 billion hole.
With two days left in April, California needed $3.4 billion in income tax revenue to meet Gov. Arnold Schwarzenegger’s projection for the month. Probably not going to happen, given that the most the state has received on any given day this month is $777 million on April 16, according to state Controller John Chiang’s online revenue tracker. The state through Wednesday had collected $6.8 billion in April, while Schwarzenegger’s January budget projected California would receive $10.2 billion.
The income-tax collection gap isn’t a devastating blow to the budget picture, since California can still hit its year-to-date tax revenue target after collecting $2.7 billion more than projected over the previous nine months. But it appears the state is unlikely to enjoy the big bump that lawmakers and Schwarzenegger had been hoping for.
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