April #CABudget collections update

Collections affected by unprecedented IRS eight-month tax deadline extension until October. Administration monthly receipt forecasts already have been adjusted to attempt to correct for that.

Actuals for period April 1-20, 2023:

FTB personal income tax (PIT) receipts down 74% from last April

FTB PIT refunds up 8% from last April

Corporate income tax (corp) receipts down 32% from last April

Corp refunds up 121% from last April (but small amounts)

Governor's January budget forecast for April 2023:

FTB PIT receipts down 71% from last April

FTB PIT refunds down 37% from last April

Corp receipts down 24% from last April

Corp refunds up 39% from last April

Bottom line: FTB receipts running close to projected trend for the month, while PIT refunds are running well above the monthly projection -- perhaps due to speedier processing than assumed in the projection.