Corporate, Personal Income Tax Revenue $1B Over Brown’s Estimates

A report from the state's Legislative Analyst's Office finds corporate and personal income taxes for fiscal year 2012-2013 -- which ended June 1 -- were $1 billion above Gov. Jerry Brown's (D) May budget revision estimates. Income tax revenue in June was $570 million higher than Brown's estimates, while corporate tax collection was $395 million above Brown's predictions.

• "California Surges Past Revenue Projections for Fiscal Year" (Arns, Sacramento Business Journal, 7/2).