14-15 State Revenues $1.6 Billion Over Budget Forecast as of 11/30 December 16, 2014
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.
Counties, Cities, Special Districts Receive Variety of Revenues December 16, 2014
The property tax is the largest source of local tax revenue for all local governments combined.
Allocation of Property Tax Has Varied Over Time December 16, 2014
Since passage of Proposition 13 in 1978, the allocation of local property taxes has changed several times.
California Governments Rely on a Variety of Taxes December 16, 2014
The state government and local governments, respectively, rely on different tax revenue sources.
Breaking Down State and Local Sales Tax Rates December 15, 2014
California's sales and use tax is dedicated to various state and local purposes.
Share of Consumer Income Spent on Taxable Goods Has Declined December 15, 2014
In recent decades, Californians have spent more of their income on housing, health care, and other services not subject to the state and local sales tax.
Corporation Tax Liability As Percent of Profits Has Declined December 10, 2014
Using various provisions of state tax law, such as tax credits, corporations may reduce their tax liability. These tax law provisions have led to corporations' effective state tax rate falling in recent years.
In Many Sectors, California's Job Mix Similar to the U.S. December 9, 2014
California has a greater share of jobs in professional/business services and information combined than those sectors have in the rest of the U.S. This can be attributed in part to the state's technology and entertainment industries.
Personal Income Tax Is State's Dominant General Fund Revenue December 9, 2014
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.
Voting Requirements to Increase Taxes and Fees December 9, 2014
The California Constitution and laws require a variety of different voter or legislative approval thresholds to increase taxes, fees, assessment, or debt.
California Oil Production Has Stabilized in Recent Years December 8, 2014
California ranks behind Texas and North Dakota in oil output, excluding offshore production on federal lands. Over 70 percent of statewide oil production is in Kern County. Oil prices fluctuate widely, and changes in prices can be connected with changes in production activity.
2014-15 Sales Taxes $188 Million Below Projections As of Nov. 30 December 8, 2014
Last week, data showed that personal and corporate income taxes together were $1.6 billion above June 2014 budget projections through November 30. New preliminary data on November General Fund sales tax collections indicate this tax is running a couple of hundred million dollars below budget act projections for the 2014-15 fiscal year to date.
Local Governments Getting Some Taxes Formerly Allocated to Redevelopment December 8, 2014
In February 2012, over 400 redevelopment agencies were dissolved, and the process of unwinding their financial affairs began.
Proposition 2 Attempts to Manage State Revenue Volatility December 8, 2014
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.
Personal Income Tax Much More Volatile Than Economy December 8, 2014
The state government's largest revenue source, the personal income tax, is much more volatile than "personal income," one key economic statistic that measures the overall size of the economy.