California News

Jan 23, 2013 12:14 PM by Associated Press

January revenue bump after tax changes

SACRAMENTO, Calif. (AP) - California revenues may finish January about $4 billion ahead of projections because of a jump in income taxes.

The nonpartisan Legislative Analyst's Office also says the state set a single-day record on Jan. 16 when the Franchise Tax Board received $2.2 billion in taxes, mostly in payments from the 6 percent of filers who pay quarterly.

The state is now poised to finish the month well ahead of projections.

But agency chief forecaster Jason Sisney tells the Sacramento Bee that there needs to be caution in interpreting the one-month boom, saying the spike could be influenced by recent unusual events.

Experts say a major factor was that top earners took a flurry of income at the end of December because of an anticipated 2013 hike in federal tax rates.

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