California tax revenue remains strong in May
SACRAMENTO -- California tax revenue in May was nearly $1 billion better than Gov. Jerry Brown’s most recent projections, according to an administration report released Friday morning.
The strong numbers were largely due to a $550-million jump in revenue from personal income taxes.
The administration’s figures echo a Tuesday report from the nonpartisan Legislative Analyst’s Office.
The office said the state could also expect solid numbers in June, an important barometer for the capital gains taxes that make up a significant portion of California’s revenue.
Revenue estimates were a major fault line in the negotiations over the next state budget, which is scheduled to go into effect on July 1.
In the end, Brown convinced Democratic lawmakers to use his administration’s more conservative figures.
ALSO:
Legislators, Brown backpedal on public records bill
California budget accord balances restraint, social services
Gov. Jerry Brown nips and tucks to reach California budget deal
Twitter: @chrismegerian
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
