Taxation of Sugary Drinks [Publication Details]

Nov 26, 2018 - Taxation of Sugary Drinks [Publication Details] HTML Description: Taxes on sugary drinks have become increasingly common in recent years. In June 2018, the Legislature passed a law (Chapter 61 of 2018 [AB 1838, Committee on Budget]) prohibiting local governments from levying such taxes (and other taxes on groceries) through 2030.
https://lao.ca.gov/Publications/Detail/3903

Cannabis Tax Revenue Update [EconTax Blog]

Nov 15, 2018 - Cannabis Tax Revenue Update [EconTax Blog] Seth Kerstein In November 2016, California voters approved Proposition 64 , which legalized the nonmedical use of cannabis. The state levies two excise taxes on cannabis: a retail excise tax and a cultivation tax.
https://lao.ca.gov/LAOEconTax/Article/Detail/326

How CalFire is Spending Recent Forest Health Funds

Nov 15, 2018 - Grants Awarded for Multiple Counties and Types of Organizations. The 22 funded Forest Health Program projects are located in portions of 21 different counties, with certain counties being the location for multiple projects.
https://lao.ca.gov/Publications/Report/3902

Fiscal Outlook: Focus on Revenues [EconTax Blog]

Nov 14, 2018 - Revenues from California ’s three largest taxes —the personal income tax (PIT), sales tax, and corporation tax (CT) —have increased 41 percent from 2012-13 to 2017-18. PIT revenues have increased 46 percent over that same period.
https://lao.ca.gov/LAOEconTax/Article/Detail/318

Fiscal Outlook: Property Tax Estimates Exceed Budget Expectations [EconTax Blog]

Nov 14, 2018 - Values in rapidly growing areas —primarily in the Bay Area —are projected to rise at twice the rate of slowly growing areas —such as Butte, Kern, and Shasta Counties. Regardless of these differences, however, we expect most counties to see a slowing of growth over the next couple years.
https://lao.ca.gov/LAOEconTax/Article/Detail/320

Fiscal Outlook: Estimating Home Prices [EconTax Blog]

Nov 14, 2018 - Home price growth is an important driver of growth in local property tax collections. Prices also can affect revenues from major state taxes, particularly the personal income tax and sales tax. In general, higher home prices mean more tax revenues for state and local governments.
https://lao.ca.gov/LAOEconTax/Article/Detail/322

Fiscal Outlook: Estimating New Construction [EconTax Blog]

Nov 14, 2018 - New construction is a key driver of growth in assessed property values and, in turn, property tax revenue . More construction leads to higher assessed values. Below we discuss the details of our residential and commercial construction estimates used for our assessed value forecast.
https://lao.ca.gov/LAOEconTax/Article/Detail/323

Fiscal Outlook: Estimating Wages and Salaries [EconTax Blog]

Nov 14, 2018 - The single largest source of General Fund revenue is the personal income tax (PIT). In order to estimate PIT revenue for our Fiscal Outlook publication, we must also make a projection of wage and salary income.
https://lao.ca.gov/LAOEconTax/Article/Detail/321

Fiscal Outlook: Estimating Capital Gains Revenue [EconTax Blog]

Nov 14, 2018 - Consequently, capital gains earned by higher-income filers are taxed at higher rates. We estimate the income distribution using historical data on filings from the Franchise Tax Board and apply effective tax rates (liability as a fraction of taxable income after deductions) to income   based on recent patterns.
https://lao.ca.gov/LAOEconTax/Article/Detail/319

Fiscal Outlook: Medi-Cal

Nov 14, 2018 - Expiration of Managed Care Organization (MCO) Tax Current MCO Tax. Since 2016-17, the state has imposed a per-member tax on Medi-Cal and non-Medi-Cal MCOs. Revenues from the MCO tax, which leverages federal funding for Medi-Cal, provide a substantial General Fund offset in Medi-Cal.
https://lao.ca.gov/Publications/Report/3898