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.

Wednesday, April 16, 2014

A Surge in Tax Receipts

Today was very strong in terms of California's tax take, according to preliminary figures. April 16 receipts of California's three major revenue engines -- personal income taxes (PIT), corporate income taxes, and retail sales receipts -- reached $3.1 billion. This brings the month-to-date total to $7.3 billion, or 56%, of the total expected for the month.

Today's collection of PIT led the surge, totaling $2.5 billion for the day. This was virtually identical to last year's tax take and appears surprising since a change in tax rates probably boosted last April's figure. Some caution is warranted due to revisions that could take place tonight, but if the numbers stand close to this reading it is good news for California's bottom line.

Also worth noting: Not only individuals and households filed their income tax returns yesterday. Sole proprietorships file under the income tax system as well. In 2011, 2.2 million sole proprietorships filed with FTB, and were assessed $9.8 billion in taxes. Of this tax assessed, service firms account for about $5.8 billion (59 percent). These firms could provide technical, scientific, administrative or health services. Firms specializing in finance, investment and real estate owed $1.4 billion (14 percent), while firms specializing in retail and wholesale trade had assessments of about $600 million (6 percent). FTB assessed another 500,000 firms $1.1 billion (11 percent), but FTB was unable to determine the nature of the sole proprietorship's business.

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