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January revenue bump after tax changes

SACRAMENTO, Calif. (AP) -- California revenues may finish January about $4 billion ahead of projections because of a jump in income taxes.

The nonpartisan Legislative Analyst's Office also says the state set a single-day record on Jan. 16 when the Franchise Tax Board received $2.2 billion in taxes, mostly in payments from the 6 percent of filers who pay quarterly.

The state is now poised to finish the month well ahead of projections.

But agency chief forecaster Jason Sisney tells the Sacramento Bee (http://bit.ly/VjdpEa ) that there needs to be caution in interpreting the one-month boom, saying the spike could be influenced by recent unusual events.

Experts say a major factor was that top earners took a flurry of income at the end of December because of an anticipated 2013 hike in federal tax rates.


Information from: The Sacramento Bee, http://www.sacbee.com

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