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

Governor's May Revision proposal to close Developmental Centers

May 16, 2015 - The DDS operates three 24-hour facilities known as DCs —Fairview DC in Orange County, Porterville DC in Tulare County, and Sonoma DC in Sonoma County —and one smaller leased community facility (Canyon Springs in Riverside County).
https://lao.ca.gov/Recommendations/Details/848

May Revision proposal related to President's executive actions on immigration

May 16, 2015 - This woodwork effect could result because (1) legal services organizations may provide information t o households that are not currently aware that they have members who are eligible for CalWORKs or CalFresh as they assist them through the proposed Immigration Assistance Program o r (2) individuals who are granted deferred action status may become less hesitant to interact with the county human services agencies that administer CalWORKs and CalFresh.
https://lao.ca.gov/Recommendations/Details/849

May Revision: LAO Economic Outlook [EconTax Blog]

May 15, 2015 - For example, March 2015 housing permits (data for which was received after we finished our key economic outlook calculations) were quite high, with multifamily-unit building permits in Los Angeles County rising to levels not seen since 1988.
https://lao.ca.gov/LAOEconTax/Article/Detail/104

Initial Comments on the Governor's May Revision

May 15, 2015 - For example, the cost of the “trigger ” included in the June 2014 budget plan increased from $533 million to $765 million, thereby paying down the remaining pre-2004 mandates owed to cities, counties, and local governm ents for their past mandate costs.
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

California Independence in Statewide Elections Act [Ballot]

May 14, 2015 - In its administration of California ’s state income tax, the Franchise Tax Board defines a nonresident to be any individual who is not (1) present in California for other than a temporary or transitory purpose or (2) domiciled in California.
https://lao.ca.gov/BallotAnalysis/Initiative/2015-012

Revised Use of Reasonable Force Act of 2015 [Ballot]

May 12, 2015 - Background Currently, there are several hundred police agencies in California that provide police services, such as city and university police departments and county sheriff departments. These agencies employ roughly 90,000 officers.
https://lao.ca.gov/BallotAnalysis/Initiative/2015-010