State’s Daily Tax Receipts Begin End-of-the-Month Climb
With one day before April 17th’s tax filing deadline, the state reported receiving almost $455.5 million over the weekend, boosting the month’s collections to nearly $1.6 billion.
April is by far the largest month of the year for income tax receipts. Gov. Jerry Brown’s budget predicts $9.4 billion in both payments to the Franchise Tax Board and withholding from employee paychecks, which is sent by employers to the Employment Development Department.
The bulk of the payments won’t appear until after April 17, this year’s tax deadline.
Brown’s budget expects the tax board to receive $8.4 billion in income tax [....]