by Calculated Risk on 2/07/2007 12:53:00 AM
Wednesday, February 07, 2007
California short $1 billion in tax revenue, Housing Bust Might be Cause
From the AP: California short $1 billion in tax revenue, controller says
"Tax payments are down about $1 billion, and we don't yet have the source of that decrease," said Controller John Chiang, holding a news conference at the state's tax-collection center, where 2006 tax returns have begun to trickle in.
Chiang speculated that the state's slumping housing market might be a cause of the revenue decline.