Groundwater Preservation and Water Consumer Awareness Act of 2015 [Ballot]

Jun 9, 2015 - Background Sales and Use Taxes and Excise Taxes. California ’s state and local governments levy sales and use taxes on retail sales of most tangible goods. Under the State Constitution and state statute, many foods and beverages —including bottled water —are currently exempt from California ’s state and local sales and use taxes.
https://lao.ca.gov/BallotAnalysis/Initiative/2015-021

The Compassionate and Sensible Access Act [Ballot]

Jun 4, 2015 - State and local governments currently collect sales tax on medicinal marijuana sales. A small number of cities also impose a supplemental tax on medical marijuana sales. We estimate that the total amount of state and local revenue collected statewide from medical marijuana sales and supplemental taxes likely is in the high tens of millions of dollars annually.
https://lao.ca.gov/BallotAnalysis/Initiative/2015-018

LAO multiyear budget outlook

May 26, 2015 - As discussed in that post, we now estimate that the state’s big three General Fund revenues—the personal income tax, corporation tax, and sales and use tax—will be $3.2 billion above the administration’s May Revision estimates for three fiscal years combined (2013-14 through 2015-16). $1.5 Billion Higher Proposition 2 Requirements.
https://lao.ca.gov/Recommendations/Details/855

Implementation and administration costs for proposed EITC

May 22, 2015 - Further Detail We discuss the Governor 's proposal for a new state earned income tax credit (EITC) here on our website. Below, we discuss certain budget issues related to the EITC for the Franchise Tax Board (FTB) specifically.
https://lao.ca.gov/Recommendations/Details/846

May Revision: Earned Income Tax Credit Proposal [EconTax Blog]

May 17, 2015 - As part of the May Revision, the Governor has proposed to implement an earned income tax credit (EITC) that would increase the after-tax income of low-income workers. The proposed EITC is similar to Option 2 that we presented in our December 2014 report — Options for a State Earned Income Tax Credit .
https://lao.ca.gov/LAOEconTax/Article/Detail/107

May Revision: Proposition 30 Estimates, Accrual Uncertainties [EconTax Blog]

May 17, 2015 - Proposition 30 was approved by voters in 2012 and temporarily increases both personal income tax (PIT) rates for very high-income Californians and sales and use tax (SUT) rates statewide. Below, we summarize the May Revision estimates for Proposition 30 revenues in both the administration's revenue estimates and our own multiyear main scenario revenue outlook .
https://lao.ca.gov/LAOEconTax/Article/Detail/106

May Revision: LAO Revenue Outlook [EconTax Blog]

May 16, 2015 - California taxes capital gains income generated from sales of stocks and other assets, and it taxes high-income individuals receiving most capital gains at higher rates . Capital gains are quite volatile, contributing substantially to the overall volatility of California's tax revenues.
https://lao.ca.gov/LAOEconTax/Article/Detail/105

May Revision: LAO Economic Outlook [EconTax Blog]

May 15, 2015 - With a large base of high-income, high-skill workers and a wealthy, technology-driven economy, the Bay Area is driving economic growth in California, contributing disproportionately to tax revenue growth .
https://lao.ca.gov/LAOEconTax/Article/Detail/104

Initial Comments on the Governor's May Revision

May 15, 2015 - This total consists of $7.0 billion higher personal income tax (PIT ) revenues —offset by the $380 million EITC proposal described below —$593 million higher corporation tax revenues, and $320 million higher sales and use tax revenues.
https://lao.ca.gov/Recommendations/Details/845

FTB Spring 2015 Revenue Exhibit Data Posted [EconTax Blog]

May 14, 2015 - Such concentrations are typical , given California's tax rate structure, in which higher-income filers pay personal income taxes at higher rates. Proposition 30 , passed in 2012, has increased the tax payment concentration among the top 1% of filers to some extent. 
https://lao.ca.gov/LAOEconTax/Article/Detail/102