We now have the final tally for income tax collections in April from the state controller. As we noted in a prior post, it appeared that income tax revenues would fall short of the governor's January forecast. In fact, that result occurred to the tune of -$1.2 billion. On the other hand, if you take the fiscal year through April, income tax revenues are over 5% above last year's total at this time. So how the outcome will be reflected in the governor's May revise budget proposal is unclear.
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