Housing and Economic Mobility [EconTax Blog]

Oct 10, 2016 - Follow @LAOEconTax on Twitter for regular California economy and tax updates.  
https://lao.ca.gov/LAOEconTax/Article/Detail/212

The 2016-17 Budget: California Spending Plan

Oct 5, 2016 - These General Fund costs are anticipated to increase in 2017 –18 , but to eventually decline to zero as growth in certain county realignment funds are used to pay these costs. Increases Funding for Affordable Housing Programs.
https://lao.ca.gov/Publications/Report/3487/1

The 2016-17 Budget: California Spending Plan

Oct 5, 2016 - This increase is due to College Access Tax Credit Fund revenues growing from $1.8  million in 2015 –16 to $5.1  million in 2016 –17 . Additionally, the budget increases the amount of federal TANF supporting Cal Grants by $405  million and decreases General Fund by the same amount.
https://lao.ca.gov/Publications/Report/3487/5

The 2016-17 Budget: California Spending Plan

Oct 5, 2016 - Budget –related legislation also provides additional guidance on the structure of the CVRP, including specifying maximum income eligibility limits for electric vehicles ($150,000 for an individual tax filer and $300,000 for joint filers) and directing the ARB to increase the rebate amounts by $500 for low –income households. $80  million for the Enhance Fleet Modernization
https://lao.ca.gov/Publications/Report/3487/8

The 2016-17 Budget: California Spending Plan

Oct 5, 2016 - The state ’s “Big Three ” General Fund taxes —the personal income tax, sales and use tax, and corporation tax —are assumed to increase at a slightly higher rate (4.2  percent). The difference between these growth rates is attributable to a decline in other revenues.
https://lao.ca.gov/Publications/Report/3487

The 2016-17 Budget: California Spending Plan

Oct 5, 2016 - The state historically has set the RMR such that families in every county can use their voucher to access a certain percentage of child care providers in their areas. In 2015 –16 , providers were reimbursed at the greater of (1)  104.5  percent of the 85th percentile of the 2009 survey deficited by 10.11  percent or (2)  104.5  percent of the 85th  percentile of the 2005 survey.
https://lao.ca.gov/Publications/Report/3487/4

The 2016-17 Budget: California Spending Plan

Oct 5, 2016 - Restores IHSS Hours From 7  Percent Reduction With General Fund Tied to MCO Tax. The spending plan includes $266   million General Fund to restore the service hours associated with the IHSS 7   percent reduction in service hours with General Fund for as long as the recently passed MCO tax is in place.
https://lao.ca.gov/Publications/Report/3487/7

The 2016-17 Budget: California Spending Plan

Oct 5, 2016 - Such funds are remitted to the state by counties that collect more property tax than state law allows them to spend on education. Improvement and Modernization Fund (IMF). In recent years, the judicial branch ’s IMF experienced persistent operational shortfalls that steadily depleted the fund balance.
https://lao.ca.gov/Publications/Report/3487/10

The 2016-17 Budget: California Spending Plan

Oct 5, 2016 - The General Fund is the state 's main operating account where most state tax revenues are deposited. You can think of it as being similar to a general purpose checking account that a household uses to pay its bills.
https://lao.ca.gov/Publications/Report/3487/12

The 2016-17 Budget: California Spending Plan

Oct 5, 2016 - Reflects MCO Tax Funding That Resulted From Special Session. Chapter  2 of the 2015 –16 Second Extraordinary Session (SB2X  2, Hernandez), imposes a revised MCO tax on most managed care plans. Revenues from the MCO tax are used, in part, to create General Fund savings in Medi –Cal .
https://lao.ca.gov/Publications/Report/3487/6