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 8, 2014

April Tax Receipts Reach $1.3 Billion in First Week

Final numbers are in for California’s tax take on its three major revenue sources for the first week of April though Monday, the 7th, and the numbers look positive.  The first week total was $1.3 billion, which is about 10.2% of the total expected for the month as a whole. This is identical to the proportion reached in the comparable first tax reporting week of April 2013.

Corporate taxes are at 9.8% of their monthly target. While retail sales refunds so far have exceeded tax payments, personal income tax receipts are already at 13.3% of their monthly goal. The heavy inflows of personal tax payments should come around the middle of the month.

Nearly two-thirds of every dollar deposited in the General Fund comes from the Personal Income Tax (PIT).  Individuals pay the bulk of this tax, but certain partnerships and closely held companies may also opt into the income tax system.  These partnerships and S-corporations account for less than 10 percent of the total PIT collections.
 
 
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