first_img 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREWalnut’s Malik Khouzam voted Southern California Boys Athlete of the Week Another $524 million came from corporate taxes. Finance officials said they believe that increase is related to new federal rules governing offshore profits. The rules allow large companies to transfer profits from overseas operations back to the U.S. at special low tax rates this year. SACRAMENTO – California’s budget has received a $1.2 billion boost from unexpected revenue since July 1, the start of the fiscal year, according to the state Department of Finance. Revenue in September alone was $897 million over the projected estimate. State finance officials said Thursday that most of the unanticipated income probably was due to several one-time factors instead of any surge in the overall California economy. More than one-third of the unexpected income last month came from a jump in personal income taxes, which rose $376 million above estimates. Analysts said they suspect some of that additional income was the result of payments wealthy Californians are required to make this year under Proposition 63, which imposed a 1 percent tax on net income over $1 million. last_img

$1.2 billion windfall for state

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