A coming surge in home sales by aging homeowners should boost local government property tax collections. These gains, however, are likely to be offset by an increase in the transfer of homes from parents to children which, unlike most home sales, does not trigger higher tax payments.
We have received preliminary information from the state's tax agencies on California's May 2017 major state tax collections.
Federal and state labor agencies released California's April 2017 state jobs report on May 19. Additional information on metropolitan area jobs was released by the federal government on May 31.
The Air Resources Board released a summary of the results of the May 2017 cap-and-trade auction.
We provide additional detail on several key revenue issues in the May Revision, including administration estimates of capital gains and Proposition 30 revenues.
We discuss our updated state revenue outlook, released as part of our response to the Governor's 2017 May Revision.
We discuss our new economic outlook, released as part of our response to the Governor's 2017 May Revision.
We tracked personal income tax (PIT) collections of California's tax agencies throughout April, a key month for receipts of the state government's largest revenue source. This post also includes prelimimary tax agency reports on April's corporation and sales tax collections.
Based on preliminary tax agency data, March 2017 income tax collection trends were quite positive.
We now have some preliminary February 2017 state tax collection data from California's tax agencies.
We examine the January 2017 California state jobs report, released by the Employment Development Department on March 3, 2017.
On March 1, 2017, BOE reported that taxpayers claimed an estimated $165 million of these tax exemptions in 2016—a 6% increase from 2015.
We recap the key data from the December 2016 California jobs report, which was released on January 20, 2017.
The state will likely generate only about $8 million in revenue from the auction.
We display the administration's estimates for this revenue source as of January 2017.