We have received preliminary information from the state's tax agencies on February 2016 collections of the California's "Big Three" state General Fund taxes.
As part of the annual budget development process, the administration provides us with its current estimates of Proposition 30 revenues through 2018-19. 2018-19 is the last fiscal year affected by the Proposition 30 income tax increases for high-income Californians.
The expiration of the Proposition 30 sales tax increase affects the sales tax projections in our new Fiscal Outlook publication.
In conjunction with the November 2015 edition of our Fiscal Outlook, we update our estimates for the revenue effects of Proposition 30 (2012).
Personal income tax collections in September were hundreds of millions above the Governor's projections for the month.
We discuss new data on forgone state General Fund revenue resulting from the partial sales tax exemption on certain sales of manufacturing and R&D equipment.
In total, 2014-15 General Fund agency cash revenue collections exceeded the Governor's estimate, as incorporated in the 2015-16 budget plan he signed into law last month, by $732 million.
We discuss the May Revision estimates for Proposition 30 revenues.
In this post, we present a map illustrating the variation in sales tax rates in two of California's major population centers.