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A mystery surge in California tax revenue points to tech companies like Nvidia. Here’s why
California got a big surge in corporate taxes this summer, with tech companies probably helping chip away at the budget deficit.
Gavin Newsom cut billions of dollars in spending to close a budget deficit in June than California received an unexpected tax windfall, one that has people in the Capitol speculating about where the avalanche of money came from. An especially big surge came in July, and state officials and accounting experts think the extra receipts came from a small number of companies — most likely one or more Silicon Valley tech firms, with artificial intelligence chipmaker Nvidia a leading candidate. Sen. Roger Niello, a Republican from Roseville, an opponent of the changes and a former accountant, told CalMatters he checked with his fiscal staff as well as the Legislative Analyst’s Office about the bigger-than-expected corporate tax payments in July.
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