Major California tax collection week ahead

Multibillion-dollar collection days likely at Franchise Tax Board

Today, October 16, is “tax day” for almost all Californians: the day that 2022 and some 2023 final tax payments are due.

Daily Collection Updates. As mentioned in my October 1 note, I am posting daily revenue updates each weekday afternoon for the rest of this month. For daily updates, see my posts on Threads, LinkedIn, and Bluesky.

October So Far and A Look Ahead. As of Friday, October 13, Franchise Tax Board (FTB) month-to-date collections were $5.37 billion: up 290% from the comparable Friday last October. As shown below, the state budget projection for the entire month of October anticipates FTB collections of $44.9 billion: up 883% from last October. This means that a string of multibillion-dollar collection days are likely beginning this week. (It typically takes several days after tax day for electronic and other payments to be processed.)

Refunds were elevated last week, including a very large $273 million refund day for the corporation tax on Wednesday, October 11. For the month to date, refunds processed totaled $1.16 billion as of Friday, October 13: suggesting that refunds may eventually exceed the $2.2 billion estimate for the entire month.