California State Controller John Chiang offers this daily tax tracker to follow personal income taxes, sales and use taxes and corporate taxes -- the three major sources of revenue for the State.

The site will be updated regularly throughout each business day. Preliminary posts use dollar figures from tax administration agencies, while the following day the Controller will post reconciled (actual cash) figures. The latest figures are always available via direct download. Preliminary sales tax figures, along with personal income tax withholdings will be available by 10:30 a.m., followed by total personal income and corporate tax receipts, along with final sales tax numbers between 1:30 and 4:00 p.m. the same business day.

The chart on the right of this screen tracks the cumulative total of income, sales and corporate tax and compares it against estimated benchmarks for the month.

Monday, April 28, 2014

Dividends Rise

Recovering company profits are not only boosting California’s corporate tax payments, but they are also raising dividends for individuals and contributing to the State’s intake of personal income taxes. In calendar 2013, dividend payments received by California residents reached an estimated $94.5 billion.

The economic boom based on housing’s surge elevated California dividends to a record $102.5 billion in 2007. After the financial crisis caused companies to hoard cash, dividends plummeted to only $66 billion-$67 billion in 2009 and 2010. Large gains in cash flow, limited opportunities seen by companies for investment opportunities, and shareholder pressure are again driving larger dividend payouts. 

The recovery in dividends is another good piece of news for the State’s financial coffers, but is also another sign of the cyclicality of California’s revenue base.

Also of note: As the Franchise Tax Board closes out its income tax return processing for 2013 returns, some staff will begin to focus their efforts on completing the refund cycle. At the end of last April, FTB had identified 479,000 taxpayers who still had refunds outstanding, at a value of about $500 million.                                      

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