California tax revenue doesn't catch up with projections
California tax revenue continues to lag behind projections, according to details released Friday by Gov. Jerry Brown's administration.
The administration planned to pull in $7.1 billion in taxes in September. Instead, the state generated $6.94 billion, for a relatively small gap of 2.1%.
That places the state $379 million below where it hoped to be three months into the current fiscal year, according to administration figures.
Corporation taxes have lagged the most, falling 10.7% below projections.
The biggest blow to Brown's budget plans could come next month if voters reject the governor's tax-hike ballot measure, Proposition 30. The current budget includes an $8 billion gap that Brown expects to fill with a quarter-cent increase to the sales tax and higher levies on the wealthy.
After that, the temporary increase in tax rates is projected to generate $6 billion annually for three years, and then less in the following two years.ALSO:
Photo: Gov. Jerry Brown outlining his budget proposal in the Capitol in January. Credit: Rich Pedroncelli / Associated Press