⇒ Compared to September 2007, General Fund revenue in
September 2008 was down by $465 million (-4.4%).
Corporate taxes were below estimate by $485 million
(-21.0%), and personal income taxes were below last
September by $26 million (-0.5%). Sales taxes were $71.7
million greater (3.5%) than last year. The total for the three
largest taxes was below 2007 levels by $440 million (-4.4%).
The PDF report is here.
Biggest takeawy in my opinion:
"⇒ Quarterly estimated corporate taxes in
September were extremely weak, 26%
below last September."
As predicted here it took two weeks to break the budget agreement. Expect some weekend emergency meetings in Sacramento.