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.

Tuesday, April 22, 2014

Retail Sales Taxes Trying to Keep Up

April began somewhat on the soggy side in terms of retail sales tax receipts but have picked up during the past week.  Although sales taxes are only expected to account for about 5 percent of California’s total collections from its three primary revenue sources for April, they are projected to comprise about 23 percent of the year for the total fiscal year 2013-14.

Boosted by spending related to Easter, sales tax receipts net of refunds exceeded $200 million during the past week, which was close to the amount that might have been expected.  For the fiscal year to date, retail sales taxes are also running very close to estimates, with a slight negative variance of just 0.5 percent. 

Job and income growth should continue to support consumer spending, but this tax source will need to be monitored closely.

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