Thanks to a booming economy and soaring stock market, California’s income tax revenue has continued to far exceed both projections and last year’s totals.
For the crucial month of April through Monday, personal and corporate income tax revenues have come in about $700 million above projections and nearly $1 billion more than last year, according to Justin Garosi, an economist with the Legislative Analyst’s Office.
For the fiscal year as a whole, those income taxes have totaled over $82 billion, nearly $4 billion ahead of projections and over $9 billion ahead of this point last year.
The state still expects to rake in an additional $2 billion or so by the end of the month.
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