The Sacramento Bee: State revenue now hundreds of millions higher than budget estimates

Capitol Alert
By Jim Miller
jmiller@sacbee.com
July 2, 2015

• Personal income, corporate tax collections look to be $541 million above 2014-15 revenue estimates
• California state budget approved last month reflected governor’s revenue numbers
• Sales tax, other revenue totals for June still being compiled

The 2014-15 fiscal year came to an end this week, and it will be a long time before officials finish closing the books. Early signs, though, are that revenue for the just-completed fiscal year will exceed estimates in the newly minted state budget by hundreds of millions of dollars.

New numbers from the Legislative Analyst’s Office, reflecting the latest data from the Franchise Tax Board, show that the state took in $541 million more in income tax and corporate tax revenue than reflected in the budget approved two weeks ago.

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