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 2, 2014

Corporate is up

Corporate tax revenues for April continue to surge ahead, with the net total for the month already at $77.4 million.  This is $18.1 million above the first two weekdays of April last year.  Total net revenues for the month from the three main sources ended today at just over $861 million, also up from the same period last year at nearly $265 million.  The strong start for April’s revenue continues to be on track to meet or exceed the projected revenues for the month.

The April Watch is On

All eyes will be on daily revenue counts as the critical tax season begins.  The first day of the month may have been a little disappointing. The total revenue take was $71.4 million, a number which was substantially down from the figure initially reported.   Retail sales for April 2 remained on the soggy side.  However, corporate tax payments remain strong and personal income tax receipts are also likely to be solid.  Final figures for March showed a strong performance for both.
Roughly two-thirds of the General Fund derives from Personal Income Tax levies.  By the middle of this month, taxpayers will have filed their income tax forms for the year ending December 31, 2013.  When all the returns are opened and processed, budget writers will sift and test the data to see what the 2013 tax returns tell them about what to expect in 2014.  What they find will shape how they estimate 2013-14 and 2014-15 revenue estimates.