Sacramento, CA — Income tax revenues collected this fiscal year are down 25% from initial projections, giving California a projected $26 billion shortfall. That’s according to a new report from the state’s non-partisan Legislative Analyst. The shortfall is anticipated to grow to $58 billion by the end of fiscal year 2024-25. The state’s financial picture is becoming clearer after the extended tax deadline this year (due to winter storms). The report notes that higher interest rates are a part of the issue. Stating, “For example, home sales are down by about half, largely because the monthly mortgage to purchase a typical California home has gone from $3,500 to $5,400. Some effects of the Fed
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