The state collected $7.49 billion in personal income tax revenue during the month of April – approximately $3.8 billion less than anticipated in Governor Gavin Newsom’s January budget proposal – according to the PIT revenue tracker maintained by the State Controller’s Office.
Senate Democrats this week proposed increasing California’s corporate tax rate to 10.99 percent for income over $1.5 million, but the April 26 proposal was immediately dismissed by Governor Gavin Newsom’s office.
Lawmakers are considering a budget request from Governor Gavin Newsom to spend $402 million in general fund money in 2023-24 for a state office complex that will include a new headquarters for the California Department of Tax and Fee Administration.
Governor Gavin Newsom this week unveiled his budget for the 2023-24 fiscal year, proposing total spending of $297 billion from all funds, down from $307.9 billion in the budget enacted last summer.
Governor Gavin Newsom signed a $308 billion state budget and several budget trailer bills this week, and the Legislature began its month-long summer recess.
