California has seen an influx of unexpected corporate tax revenue, exceeding forecasts by nearly $2 billion this summer, primarily driven by tech companies like Nvidia.
The state’s collection on a single day in July surpassed expectations by over $800 million, marking its biggest July collection in over four decades.
Despite this tax windfall, there is growing tension in California between the need to regulate tech companies and the state’s reliance on their financial contributions.
The Finance Department cautioned that the corporate tax overage could stem from a few companies and might not reflect broader revenue trends.
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