Posted: Jan 23, 2013 9:14 AM by Associated Press
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.
PLEASE HELP US MODERATE COMMENTS
Offensive or inappropriate comments are subject to removal. To report a comment, please e-mail us at firstname.lastname@example.org, and include the name of the story and information on the comment.
Thank you! KSBY.com
Get deals up to 80% off here!
Find the lowest gas prices in your area
Submit your photos to KSBY
Check out our calendar of events
Save with Hot Deals across our counties!
Events across the Central Coast
Follow The CW5 on Facebook.
The KSBY online public file.
What do you think? Leave us your feedback.
KSBY is your official CA Lottery station for San Luis Obispo and Santa Barbara Counties