California’s Tax Revenue Projections Weakening as Newsom’s Budget Revision Deadline Looms

Sales and use taxes are about $1 billion below forecasts since November.

California Gov. Gavin Newsom speaks in Los Angeles on Jan. 3, 2024. John Fredricks/The Epoch Times

With the state facing a record-high budget deficit, tax collections are failing to meet California Gov. Gavin Newsom’s budget proposal projections, which could put further pressure on the state’s finances.

As of April 25, the state’s franchise tax board is showing personal income tax collections on track to approximately match estimates for the month.