More bad news for state budget
- Share via
California’s budget woes deepened Tuesday as the state reported that tax receipts plummeted nearly $1 billion last month because of plunging corporate profits.
The news comes as the state moves closer to the July 1 deadline for lawmakers to close California’s budget gap, which had earlier been estimated at $16 billion, and there is little agreement on how to do that.
Corporate taxes alone came into the state at $869 million below what was forecast in Gov. Arnold Schwarzenegger’s budget, released in January. Overall, revenues were down $912 million for the month.
Get the L.A. Times Politics newsletter
Deeply reported insights into legislation, politics and policy from Sacramento, Washington and beyond. In your inbox three times per week.
You may occasionally receive promotional content from the Los Angeles Times.
