Revenue Windfall Continues, Could Reach $25 Billion
The state’s tax revenue windfall could reach $25 billion by the end of the current fiscal year, the Legislative Analyst’s Office stated in an update of its formal revenue outlook for 2021-22, originally published in May. “We currently project that there is a strong chance that collections from the state’s ‘big three’ taxes – personal income, sales, and corporation taxes – will exceed the budget act assumption of $170 billion in 2021-22,” the analyst wrote. “Our current best estimate is that the…