(CalMatters — Oct. 3, 2024)
Nearly $2 billion
The relative amount that California corporate tax revenue has exceeded forecasts since April.
On a single day, July 16, the state received more than $800 million more than expected in corporate tax payments, “by far its single biggest day of collections” in July going back at least four decades. State officials and accounting experts think the extra receipts came from one or more Silicon Valley tech firms, with artificial intelligence chipmaker Nvidia a leading candidate, and was likely related to changes in state tax rules adopted in June.
