Building Permits Update: April 2020 [EconTax Blog]

Jun 2, 2020 - The multifamily housing permit total of 2,899 was not out of line with February and March, but it was more than a third below both the April 2019 figure and the April average over the past five years.
https://lao.ca.gov/LAOEconTax/Article/Detail/475

The 2020-21 May Revision: CalWORKs Caseload-Driven Costs in the 2020-21 May Revision

Jun 2, 2020 - As a result of the public health and economic crisis brought on by coronavirus disease 2019 (COVID-19), the administration projects CalWORKs caseload to average 724,000 cases per month in 2020 ‑21, or about 25  percent above the previous all-time high and more than double the amount projected in the January budget.
https://lao.ca.gov/Publications/Report/4249

Income Tax Withholding Tracker: May 25-May 29 [EconTax Blog]

May 29, 2020 - Income Tax Withholding Tracker: May 25-May 29 [EconTax Blog] Income Tax Withholding Tracker: May 25-May 29 May 29, 2020 Brian Uhler Bottom Line: Total income tax withholding since March 23 is down about 4 percent compared to last year, although this week ’s collections were above the comparable week in 2019 .
https://lao.ca.gov/LAOEconTax/Article/Detail/474

May 2020 Cap-and-Trade Auction Update [EconTax Blog]

May 28, 2020 - Based on the preliminary results, the state will receive an estimated $25 million in revenue from the auction. As shown in Figure 1, this amount is much less than what the state received from recent auctions—each of which generated over $600 million.
https://lao.ca.gov/LAOEconTax/Article/Detail/472

Income Tax Withholding Tracker: May 18-May 22 [EconTax Blog]

May 22, 2020 - The second graph compares the year-over-year percent change in withholding (withholding this week relative to the same week in 2019) to the weekly changes observed in March, April, and May of 2009, when the state was in the depths of the Great Recession.
https://lao.ca.gov/LAOEconTax/Article/Detail/470

Home Sales Update: April 2020 [EconTax Blog]

May 22, 2020 - California home sales were running at a relatively high level earlier in the year, but have since dropped as a result of the COVID-19 pandemic. The graph below shows unadjusted home sale counts according to Redfin, a national real estate brokerage.
https://lao.ca.gov/LAOEconTax/Article/Detail/468

The 2020-21 May Revision: Recommend Reduction to Medi-Cal Caseload Costs

May 22, 2020 - This is because qualifying for Medi-Cal through the disabled caseload category —rather than the childless adult caseload category —comes with additional administrative burdens and can typically take over a year.
https://lao.ca.gov/Publications/Report/4245

K-12 Funding by Source [EdBudget]

May 21, 2020 - Excludes $5.3 billion deferred from 2020-21 to 2021-22. b Consist primarily of state pension payments on behalf of districts, state debt service on school facility bonds, non-Proposition 98 Child Care programs, and operational expenses of the California Department of Education and other state agencies.
https://lao.ca.gov/Education/EdBudget/Details/388

The 2020-21 Budget: Immigrant Legal Services at the Public Higher Education Segments

May 21, 2020 - This is because UC has its own center —the UC Immigrant Legal Services Center (operating out of the UC Davis law school) —that provides immigrant legal services to students at nine of UC ’s ten campuses.
https://lao.ca.gov/Publications/Report/4239

The 2020-21 May Revision: Revenue Proposals in the 2020-21 May Revision

May 20, 2020 - Corporations sometimes earn more credits in a year than they can use and are allowed to carry those credits forward to use in a future year. Under current law, motion picture production tax credits expire after six years.
https://lao.ca.gov/Publications/Report/4238