State Tax Receipts Less Than Expected
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SACRAMENTO — The state’s three major taxes produced about 16% less in January than the Wilson Administration had hoped for, state Controller Gray Davis reported Wednesday.
A tally of the receipts was consistent with a report last week by the Commission on State Finance predicting that the current state budget year would close June 30 with a deficit of $2.3 billion.
The taxes on personal income, bank and corporation profits and retail sales brought in about $3.4 billion during the month, Davis said. That is almost exactly what the three revenue sources produced in January a year ago. But the figure was $670 million short of the Finance Department’s projection for the month, which was made in July, 1991.
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