The Board of Equalization (BOE) issues refunds on a daily basis to retailers as they reconcile their remittances. When customers return merchandise, for example, tax receipts are returned to the merchant.
Periodically, refunds issued on a given day can exceed revenues by a large margin. Such was the case on April 2 in contrast with last year on April 10. Now, with at least preliminary numbers available this month for the 10th, comparisons came be made. The result? April so far is running virtually identical to last year with refunds exceeding payments by about $86 million. The big refund bulge is now over and we should generally see positive net cash inflows for the balance of the month