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This just in from state Board of Equalization member George Runner

Recent Gas Price Spike Could Produce Windfall for Government

Posted: October 9, 2012 11:53 a.m.
Updated: October 9, 2012 11:53 a.m.

SACRAMENTO – George Runner today released the latest general fund sales and use tax revenue collection numbers from the first three months of the 2012-13 fiscal year.

According to Runner, from July through September the State Board of Equalization received $4.64 billion in revenue, just two and a half percent shy of the Department of Finance’s budget projection of $4.76 billion.

“It’s too early to know for sure, but so far sales tax revenue appears to be largely on track to meet the state’s budget needs,” Runner said. “I can’t help but think that if more Californians had jobs, these revenue numbers would be even stronger.”

Runner noted that the latest numbers do not reflect the recent spike in gas prices. He added that high fuel prices have the potential to create a tax windfall for state and local government.

Earlier this year Runner proposed legislation capping rising fuel taxes, but it failed to gain traction in the Legislature.

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