April 2020 California Personal Income Tax Daily Revenue Tracker
Last fiscal year, personal income tax (PIT) accounted for 69.4 percent of all state General Fund revenues. Of those receipts, 19.5 percent arrived during the month of April.
General Fund receipts for the current fiscal year (FY 2019-20) totaled $66.9 billion as of March 31, which is 3.9 percent higher than anticipated in Governor Gavin Newsom’s FY 2020-21 budget proposal released in January.
The FY 2020-21 proposed budget estimated April PIT collections would total $18.4 billion. April 15 is the normal annual PIT payment deadline. However, due to the COVID-19 national emergency this year, the Franchise Tax Board extended the deadline to July 15 in conformity with Internal Revenue Service Notice 2020-17. This tax filing and payment extension will result in lower April actuals compared to the governor’s January estimates. The governor will revise his FY 2020-21 budget proposal in May.
The chart compares the running total to the estimate of April PIT receipts. The total consists of PIT receipts minus refunds.
April 2020 Preliminary Report of California Personal Income Tax Revenues (In Thousands of Dollars)*
|Date||Daily Personal Income Tax Revenues (Receipts And Withholding Minus Refunds)**||Fiscal 2019-20 Year-To-Date Personal Income Tax Revenues||Fiscal 2018-19 Year-To-Date Personal Income Tax Revenues|
|March Balance||$ 66,881,014||$ 61,399,988|
|Monthly Total||$ 5,224,813||$ 72,105,827||$ 80,568,486|
* The reconciliation of these numbers can take up to five business days. Therefore, final April revenues will not be known until the first week of May.
**A negative figure indicates the daily refund total outpaced daily receipts and withholdings.
***No transactions are posted on weekends.
Source: California State Controller's Office
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