Chiang says March revenues came in 233-million dollars below
the latest estimates in the Governor's proposed budget. Most
of the shortfall was in corporate tax receipts, which were more
than eight-percent below projections. Sales and personal
income taxes were also down.
The personal income tax is a major source of revenue for the
state. April tax receipts are taken into account in the Governor's
revised budget that's released in May. The state Controller says
more than 35-percent of all revenues are expected in the next three
months, making this the most important period for tax collection in
the fiscal year.
