April 19, 2007

Early warning signs

The month is only half over, but so far the state's April tax returns are not exactly overflowing the treasury. Through the first 13 working days of April, the personal income tax payments reported by the FTB totalled $2.8 billion, compared with $3.3 billion last year. Corporate tax payments were about on par with last April at $1.4 billion. Refunds, meanwhile, were running a bit below last year's pace at $1.2 billion, which is good news for the state. The final week of the month will be crucial, and last year's final week of April was huge, including a Monday when $2.7 billion in personal income tax payments were counted. But it still looks as if, at best, the state will meet its projections for the month. Unless there is a big sugar daddy out there who hasn't paid his taxes yet, don't look for an April shower of revenues to make up for the lackluster January.

Posted by dweintraub on April 19, 2007 5:39 AM