SACRAMENTO -- California is primed for a strong month for tax revenue after the Legislature’s top budget advisor said Tuesday was among the biggest days for tax collection in state history.
The state raked in $2.7 billion in income taxes Tuesday, according to the latest figures from the Legislative Analyst’s Office.
April is the most critical month of the year for income taxes, which are expected to supply more than 60% of general fund revenue for the current budget.
So far this month, the state’s income tax revenue has totaled $6.02 billion. To keep pace with targets set by Gov. Jerry Brown’s administration, the Legislative Analyst’s Office said, the state needs $8.5 billion for the month.
“With today’s total, the odds are very good we will exceed” that goal, said Jason Sisney, a deputy at the analyst’s office.
The office plans to update its report on tax revenue twice a day during April.
Sisney said it would remain unclear for some time what strong April numbers mean for the state budget in the long run.
For example, he said it is possible that more people are paying taxes in the current fiscal year rather than the one that begins on July 1, meaning the spike in revenue will even out over time.