March income taxes up about $400 million

LAO issues update of prior data release

The Legislative Analyst’s Office (LAO) reports here that personal income tax (PIT) withholding in March came in $217 million above projections included in the Governor’s January budget plan. (This represents a correction from the LAO’s prior statement that withholding in March was $634 million above January projections.) In addition, early tax agency data suggests that other income tax receipts, net of refunds, came in about $200 million above January estimates. (Revised from earlier $100 million.) Authoritative March data, including other revenues, will emerge in the monthly Finance Bulletin in a few weeks.