"It signals that California may be entering an era where we can govern outside of crisis," Controller John Chiang said in a statement. He also cited other positive economic news, such as increased sales of cars and higher home values.
He cautioned, however, that the state may not see a windfall in the end.
"Given our state's troubled history with boom-or-bust revenue cycles, this good news must be tempered with increased fiscal discipline," he said.
The Department of Finance, which plans state spending, will release its own report on January tax revenue this month.