California August revenue beats forecasts
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SAN FRANCISCO (Reuters) - California state revenue exceeded official projections in August by 5.2 percent, after four straight months of missed budget projections, thanks to strong personal income tax receipts, the state said on Monday.
State Controller Betty Yee said in a statement that "under our outdated tax structure, revenues fluctuate greatly from month to month."
California’s August revenue of $8.56 billion outpaced expectations by $425.2 million or 5.2 percent.
Personal income tax receipts totaled $4.79 billion in August. That was $373.4 million, or about 8.5 percent, higher than predicted.
Corporation tax receipts totaled $72.8 million, about $49.7 million, or 40.6 percent, short of expectations. For the fiscal year to date, they are nearly 25 percent lower than anticipated.
Retail sales and use tax receipts of $3.24 billion were just $20.8 million, or 0.6 percent, lower than expected. For the fiscal year to date, sales tax receipts are 5.6 percent lower than expected.
In July, the state's revenue missed projections by $591 million, or 9.8 percent, due to lower than expected sales, personal income and corporate taxes.
(Reporting by Robin Respaut; Editing by Matthew Lewis)
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