California Tax Revenue Yields Multibillion-Dollar Surplus
Will this severely weaken pension reform efforts? Of course it will. This is California after all.
SACRAMENTO — California has been flooded with revenue this tax season and is on track to finish the fiscal year with a surplus of billions of dollars, according to officials.
State coffers contain about $4.5 billion more than expected in personal income tax payments. Nearly $2.8 billion of it arrived April 17, the third-highest single-day collection in California history, according to government figures.
Business taxes have also rebounded and are likely to be $200 million ahead of projections.Gov. Jerry Brown will reveal his latest spending plans this month. State law may require much of the surplus to go to schools and community colleges.
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