Corporate taxes poured into state coffers this summer, 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. 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.
This July, the Finance Department said it collected about $1.4 billion in corporate taxes, nearly three times the agency’s forecast of $500 million. In June, corporate taxes were $263 million above forecast, and in May, $752 million over.
In California, a red-hot tech company fits the bill of outsized profits and risky innovation: Nvidia, which is raking in record amounts of money because of the artificial intelligence boom. If Nvidia was largely responsible for the July tax windfall, due to an estimated tax payment, the company likely expects a lot of taxable income this year, said Francine McKenna, an independent financial journalist who writes the Dig newsletter and has taught financial accounting at the University of Pennsylvania’s Wharton business school.
A CalMatters examination of Silicon Valley’s biggest tech companies’ financial filings with the federal Securities and Exchange Commission suggests that some of them may also be affected by the tax changes. That means the companies could make estimated tax payments that could be similar in size to the ones the state received in July.
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