May 2021 California Personal Income Tax Daily Revenue Tracker
Last fiscal year, personal income tax (PIT) accounted for 66.19 percent of all state General Fund revenues. Of those receipts, 6.3 percent arrived during the month of April, compared to 19.5 percent in April 2019, pre-pandemic.
General Fund PIT receipts for the current fiscal year (FY 2020-21) totaled $98.13 billion through March 31, which was 18.9 percent higher than anticipated in Governor Gavin Newsom’s FY 2021-22 budget proposal released in January.
The FY 2021-22 proposed budget estimated April 2021 PIT collections would total $20.97 billion. Actual PIT receipts for April 2021 were $13.74 billion, which was 34.5 percent below estimates for the month. However, fiscal-year-to-date PIT receipts of $111.87 billion through April remain $8.36 billion ahead of estimates, or 8.1 percent. PIT receipts through April represent 71.08 percent of General Fund revenues for the fiscal year to date. (The FY 2020-21 PIT total includes taxes deferred from FY 2019-20 due to the filing deadline extension.)
April 15 is the normal annual PIT payment deadline. However, for the second consecutive year, the Franchise Tax Board extended the deadline in conformity with the Internal Revenue Service. This year, the state and federal PIT payment and filing deadline is May 17. As such, the State Controller’s Office has extended the PIT tracker through May. The governor also will revise his FY 2021-22 budget proposal in May.
The chart compares the running total to the estimate of May PIT receipts. The total consists of PIT receipts minus refunds and Golden State Stimulus.
May 2021 Preliminary Report of California Personal Income Tax Revenues (In Thousands of Dollars)*
| Month | 2021-22 Governor's Budget Estimates for Fiscal Year 2021-22 Monthly Total |
Month-to-Date
Actual
|
2021-22 Governor's Budget Estimates for Fiscal Year 2021-22 Year-to-Date |
Year-to-Date
Actual
|
|---|---|---|---|---|
| March 2021 | 4,460,535 | 5,672,547 | 82,540,207 | 98,128,946 |
| April 2021 | 20,971,175 | 13,737,786 | 103,511,382 | 111,866,732 |
| May 2021 | 4,667,036 | 15,145,378 | 108,178,418 | 127,012,110 |
| Date | Daily Personal Income Tax Revenues (Receipts And Withholding Minus Refunds)** |
Fiscal 2020-21 Year-To-Date Personal Income Tax Revenues |
Fiscal 2019-20 Year-To-Date Personal Income Tax Revenues |
|---|---|---|---|
| Ending Balance March 31 | $ 98,128,946 | $ 66,881,014, | |
| Ending Balance April 15 | $ 106,658,965 | $ 69,433,664 | |
| Ending Balance April 30 | $ 111,866,732 | $ 72,105,827 | |
| May 1 | *** | *** | |
| May 2 | *** | *** | |
| May 3 | 262,285 | 112,129,017 | |
| May 4 | 60,685 | 112,189,702 | |
| May 5 | 385,777 | 112,575,479 | |
| May 6 | 1,028,195 | 113,603,674 | |
| May 7 | 248,358 | 113,852,032 | |
| May 8 | *** | *** | |
| May 9 | *** | *** | |
| May 10 | 30,513 | 113,882,545 | |
| May 11 | 793,904 | 114,676,449 | |
| May 12 | 255,209 | 114,931,658 | |
| May 13 | 711,672 | 115,643,330 | |
| May 14 | 620,374 | 116,263,704 | |
| May 15 | *** | *** | |
| May 16 | *** | *** | |
| May 17 | 989,,234 | 117,252,938 | |
| May 18 | 3,123,875 | 120,376,813 | |
| May 19 | 2,981,610 | 123,358,423 | |
| May 20 | 2,181,618 | 125,540,041 | |
| May 21 | 422,119 | 125,962,160 | |
| May 22 | *** | *** | |
| May 23 | *** | *** | |
| May 24 | 47,906 | 126,010,066 | |
| May 25 | 639,851 | 126,649,917 | |
| May 26 | 287,785 | 126,937,702 | |
| May 27 | (497) | 126,937,205 | |
| May 28 | 74,905 | 127,012,110 | |
| May 29 | *** | *** | |
| May 30 | *** | *** | |
| May 31 | *** | *** | |
| May Total | $15,145,378 | $127,012,110 | $ 76,586,490 |
* The reconciliation of these numbers can take up to five business days. Therefore, final May revenues will not be known until the first week of June.
**A negative figure indicates the daily refund total outpaced daily receipts and withholdings.
***No transactions are posted on weekends.
Source: California State Controller's Office