Revenue Estimates
Personal Income Tax

The personal income tax forecast has been increased by $201 million in 2006-07 and decreased by $362 million in 2007-08. Through April, General Fund personal income tax receipts were $309 million, or 0.7 percent, below the forecast in the Governor's January budget. Refunds in May and June are now expected to be lower than estimated in December, offsetting higher refunds earlier in the tax-filing season.

2005 tax data, the most recent information available, showed higher income and liability growth for taxpayers with adjusted gross income over $200,000 than for those with income under $200,000. The forecast assumes that this growth difference continued in 2006. Capital gains income grew 48 percent in 2005. This forecast estimates that capital gains income will grow 10 percent in 2006 and 2 percent in 2007.
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CHAPTER HIGHLIGHTS for Revenue Estimates Back to Top

image of black pointing arrowPersonal Income Tax
 Sales and Use Tax
 Corporation Tax
 Insurance Tax
PRINTABLE BUDGET DOCUMENTS Back to Top
Revised Budget Summary - Revenue Estimates (pdf * - 30K) -
Provides the entire Revenue Estimates Chapter in pdf format.
ADDITIONAL INFORMATION Back to Top
Proposed Budget Summary - Revenue Estimates (January 2007)
Displays Proposed Budget Summary information for Revenue Estimates.
ADDITIONAL INFORMATION Back to Top
Board of Equalization
This site provides information about taxes levied on property, sales, fuel, cigarettes, and alcoholic beverages. The Board prepares an annual report which can be located using that site's search function.
Franchise Tax Board
This site provides information about taxes levied on personal income and on corporations. The Board prepares an annual report which can be located using that site's search function.
Tax Expenditure Report
The Department of Finance annually updates this report on major tax exemptions, exclusions, and credits. This report is posted on Finance's website within the "Financial and Economic Data" page.