This note discusses the complex effects on state budget revenue projections related to the new College Access Tax Credit.
In response to questions received during a January Senate budget hearing, we examine California's General Fund tax expenditures: tax deductions, credits, exclusions, and the like that reduce revenues below what they would be otherwise.
A recent report on Silicon Valley discusses the region's economic growth. We consider the role that Silicon Valley, San Francisco, and Marin play in California's main state government revenue source, the personal income tax.
The preliminary December 2014 income tax totals increase the chances that General Fund revenues in 2014-15 will be billions of dollars above what our office projected a few weeks ago.
The Department of Finance's Finance Bulletin, today's version of which includes November 2014 revenue data, is the key report on state revenues each month.
Over the past several decades, the personal income tax has replaced the sales tax as the main source of the state's General Fund revenue.
Proposition 2, passed by voters in November 2014, includes provisions intended to help manage state budget revenue volatility, principally by requiring certain state revenues to be deposited in budget reserves.