California State Controller Betty Yee announced on Tuesday the launch of a personal income tax revenue tracker as the April 15 deadline nears for tax filing. According to the tracker, as of April 6, the General Fund has collected over $49.2 billion in income taxes.
Data from the tracker indicates, unsurprisingly, that many people wait until the last two weeks of tax season to submit their income taxes, as 16 percent of the filings arrive during the month of April.
As of the end of March, the preliminary reports of the personal income tax receipts for the 2014-15 fiscal year totaled $48.1 billion, 2.2 percent higher than anticipated in Gov. Jerry Brown’s budget proposal last January.
The current budget estimates that $12.2 billion in personal income tax will be collected in April alone, minus refunds. Six days into April, the state is just over $1.2 billion to that total; the final revenue — and thus whether the state has met its goal — may not be known until early May.
