Sacramento Bee: California income, corporation tax revenue surged in December

BY JIM MILLER

California income and corporation tax collections surged in December, pushing estimated tax revenue since July to about $3.6 billion above what lawmakers projected when they approved the current budget, according to preliminary totals compiled by the nonpartisan Legislative Analyst’s Office.

Preliminary income tax totals in December came in about $1.5 billion above what the budget projected for the month. Net corporation tax collections topped budget estimates by $500 million, according to the LAO. That total – for just one month – is almost as much as the $2.5 billion that the LAO recently projected state revenue would exceed budget estimates for all of 2014-2015.

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