California's state's personal income and corporate tax receipts for April were a combined $1.8 billion above projections for the month, according to information released by the Franchise Tax Board.
The income tax came in more than $1.7 billion above the most recent projections from Gov. Jerry Brown's administration, while corporate tax receipts were $86 million ahead of projections, according to a
The estimated taxes are up 17% from the year before, which is strong, but not unprecedented, according to the LAO.
"As we describe on our daily tax tracker, June PIT collections are largely quarterly estimated payments by high-income taxpayers on 2015 income," according to the blog post. "Accordingly, the stronger the April estimated payment results, the stronger the prospects for June 2015 PIT collections."
The FTB monthly data shows that estimated tax payments totaled $2.65 billion during April 2015, which was up $387 million, or 17.1%, from April 2014.
"This is good growth, likely related to the healthy stock market, but the growth is not unprecedented," according to the LAO blog. "In April 2006, for instance, PIT estimated payments were up 23.5% from the year before, and in April 2013, estimated payments were up 26.6%."
