Chriss Street Called It! California Slashes State Tax Revenue Outlook Ahead of Bond Sales
AENN
- Oct. revenue collections came in $24 billion below estimates
- California’s outlook has been complicated by tax-filing delay
By Maxwell Adler and Eliyahu Kamisher
October 30, 2023 at 1:33 PM PDT
California is poised to fall well short of its budget forecasts as the recent stock market slump erodes the state’s tax revenue.
As of Oct. 25, a total of nearly $18 billion was collected so far this month — significantly lower than the $42 billion of collections that were previously projected for all of October — according to an update from the state’s Department of Finance late Friday. The shortfall comes as the state prepares to close out its seasonal autumn sale period for state-issued municipal bonds.
