Consumers are catching up. With one day to go, retail sales taxes have finally inched ahead of projections for April by $15 million. At about $500 million through April 29, they pale in comparison to corporate tax receipts that are exceeding $1.7 billion and personal income taxes of more than $7.0 billion.
For the total fiscal year, the Governor's budget expects retail sales taxes to total about $22.5 billion. That would amount to about 22% of the total of the three major revenue sources -- sales, corporate, and personal income taxes -- likely to be achieved.
Tomorrow, the last day of the month, is expected to be the largest day for April for retail sales tax receipts as various enterprises remit their payments. Hopefully, some of the refunds tax payers have received will come back through California's cash registers.
Also of note: The FTB processes tax payments as quickly as possible, but not all payments are processed in April. In fact, only about 60 percent of the 2011 tax liability was processed by April 28, 2012. Processing rates vary by the income class. Through April 2012, FTB processed more than 80 percent of the 2011 returns reporting adjusted gross income (AGI) between $1 and $200,000. For returns with AGI between $200,000 and $500,000, it processed about two-thirds of the returns in the same period. The processing rate fell to about one-third for returns reporting AGI of $1 million or more.
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