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November 2023 California Personal Income Tax Daily Revenue Tracker

April 15 is the normal annual personal income tax (PIT) payment deadline. For 2023, April 18 is the deadline as April 15 is a Saturday. However, the Franchise Tax Board extended the deadline in conformity with the Internal Revenue Service in response to the 2022-23 winter storms. Individuals and businesses in counties impacted by 2022-23 winter storms qualified for an extension to file and pay taxes until October 16, 2023. However, the deadline was extended until November 16, 2023.

General Fund PIT receipts for the current fiscal year (FY 2023-24) totaled $39.33 billion through October 31, which was $20.13 billion, or 33.8 percent, lower than anticipated in the 2023-24 Budget Act.

The FY 2023-24 Budget Act estimated year-to-date PIT collections at the end of November to total $66.60 billion. PIT receipts expected for these first five months of the fiscal year  represent 45.2 percent of total PIT revenues of $147.32 billion, and 27.1 percent of $246.05 billion total General Fund revenues, anticipated for the entire 2023-24 fiscal year. 

The chart below compares the running actual year-to-date total to the estimate of November PIT receipts. The total consists of PIT receipts minus refunds. 

November 2023 Preliminary Report of California Personal Income Tax Revenues(In Thousands of Dollars)*

 

November 2023 Preliminary Report of California Personal Income Tax Revenue

(In Thousands of Dollars) *

2023-24 FY Date Daily Personal Income Tax Revenues
(Receipts And Withholding Minus Refunds)**		 2023-24 FY Year-To-Date
Personal Income Tax Revenues
Ending Balance October 31   39,331,969
November 1 452,493 39,784,462
November 2 661,119 40,445,581
November 3 366,339 40,811,920
November 4 *** ***
November 5 *** ***
November 6 376,515 41,188,435
November 7 212,511 41,400,946
November 8 42,715 41,443,661
November 9 314,371 41,758,032
November 10 *** ***
November 11 *** ***
November 12 *** ***
November 13 386,004 42,144,036
November 14 207,756 42,351,792
November 15 196,623 42,548,415
November 16 604,195 43,152,610
November 17 577,927 43,730,537
November 18 *** ***
November 19 *** ***
November 20 379,536 44,110,073
November 21 775,647 44,885,720
November 22 497,204 45,382,924
November 23 *** ***
November 24 *** ***
November 25 *** ***
November 26 *** ***
November 27 820,634 46,203,558
November 28 59,129 46,262,687
November 29 345,130 46,607,817
November 30 636,425 47,244,242
     
November Total $ 7,912,273 $ 47,244,242

 

*    The reconciliation of these numbers can take up to five business days. Therefore, final November revenues will not be known until the first week of December.

** Amounts are net of refunds.  A negative figure indicates the daily refund total outpaced daily receipts and withholdings.

*** No transactions are posted on weekends/holidays.

Refer to the April 2023 Personal Income Tax Daily Revenue Tracker which compares April 2023 PIT Revenues to 2023-24 Governor's Budget estimates. In addition, it contains a comparison of FY 2022-23 to FY 2021-22 PIT revenues.

Source: California State Controller's Office