Newsom revenue projections likely to be downgraded

Personal income tax collections are barely on track, and corporate income tax collections are lagging.
California Gov. Gavin Newsom discusses his proposed state budget for the 2024-2025 fiscal year, during a news conference in Sacramento, Calif., Wednesday, Jan. 10, 2024. (AP Photo/Rich Pedroncelli)

California’s April personal income tax collections are inching toward Gov. Gavin Newsom’s (D) estimate but are unlikely to deliver the revenue windfall needed to shrink the state’s massive deficit.

That’s bad news for budget writers, who have been closely watching collections this month.

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