California Tax Revenue Runs $2.3 Billion Ahead of Estimate
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California has collected $2.3 billion more from income taxes this fiscal year than was projected, a gain that may help Governor Jerry Brown and lawmakers fill what remains of a $26 billion deficit.
Income-tax collections, which compose about 55 percent of general-fund revenue, were 5.1 percent above what was anticipated for July 1 through April 30, the nonpartisan Legislative Analyst’s Office said in a report today. At the same time, corporate taxes were $654 million below projections.