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.
Total Revenues Inch Above Year-to-Date Month-End Expectations
With the personal income tax withholding
estimates in, the State is expected to exceed the month-end year-to-date estimates
for all three revenue totals today. The estimated year-to-date figure
currently stands at $75.1 billion, while the month-end total expectations are
$74.9 billion.
The daily
income tax collections are likely to taper off until the end of the
month. Last year, these final four days generated additional PIT
revenue of about half a billion dollars. If this year generates as
much, budget watchers can expect that cumulative income tax revenues will
total about $53.2 billion by April 30. That is an increase, but a small change --
well within estimating error -- of the January estimates. Is the change enough
to warrant an upward adjustment of current- and budget-year revenue
estimates?
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