December’s State Tax Revenue Was $3 Billion Higher Than Projected
Revenue from the state government’s three largest taxes beat budget projections by $3 billion (21 percent) for the month of December, the Legislative Analyst’s Office (LAO) reported January 20. The projections for the personal income tax, corporation tax and sales tax were included in the 2020-21 budget approved by the Legislature and governor in June. “Collections beat expectations across all components of the three taxes, with income tax withholding being the single largest contributor to higher-than-expected collections,” the LAO staff…