Excess ERAF: A Review of the Calculations Affecting School Funding

Mar 6, 2020 - Property Tax Basics Many Local Agencies Receive Property Tax Revenue. Property owners in California pay a tax of at least 1  p ercent on the assessed value of their properties. The State Constitution requires the proceeds of the property tax to be allocated for local agencies in the county where the revenue is collected.
https://lao.ca.gov/Publications/Report/4193

The 2021-22 Budget: The Fiscal Outlook for Schools and Community Colleges

Nov 18, 2020 - Tax collections for the state ’s three largest taxes —the personal income tax, the corporation tax, and the sales tax —have been very strong over the past several months. Between August and October, collections were up 9  p ercent compared with the same period the previous year and 22  p ercent compared with June 2020 e stimates ( Figure  2 ).
https://lao.ca.gov/Publications/Report/4298

The 2021-22 Budget: Overview of the Governor's Budget

Jan 10, 2021 - Tax Reductions and Business Assistance Tax Refunds to Low-Income Californians. The Governor ’s budget proposes a one ‑time $600 tax refund to taxpayers who received the California Earned Income Tax Credit (EITC) for 2019 and taxpayers using an Individual Taxpayer Identification Number (ITIN) who will receive the EITC for 2020.
https://lao.ca.gov/Publications/Report/4309

The 2021-22 Budget: California's Fiscal Outlook

Nov 18, 2020 - Recent Data on Tax Collections and Expenditures Consistent With Economic Picture. Recent data on actual tax collections and program caseloads have been consistent with a more positive economic picture, especially among high ‑income Californians.
https://lao.ca.gov/Publications/Report/4297

The 2021-22 Budget: Initial Comments on the Governor’s May Revision

May 17, 2021 - If the Legislature wants to make different decisions about this spending (without statutory changes or fund shifts), it can either: (1)  use the funds to make tax rebates and additional payments to schools, (2)  spend on other SAL-excluded purposes, or (3)  use the funds to reduce taxes.
https://lao.ca.gov/Publications/Report/4432

The 2020-21 Budget: The Fiscal Outlook for Schools and Community Colleges

Nov 20, 2019 - Compared to the estimates underlying the June 2019 b udget package, we estimate revenues from the state ’s three largest taxes —the personal income tax, the corporation tax, and the sales tax —are up almost $ 1 b illion in 2018 ‑19 and about $ 160 m illion in 2019 ‑20.
https://lao.ca.gov/Publications/Report/4113

The 2021-22 Budget: Initial Comments on the Governor’s May Revision

May 17, 2021 - CAC = California Arts Council; CalVet = California Department of Veterans Affairs; CDE = California Department of Education; CDFA = California Department of Food and Agriculture; CDI = California Department of Insurance; CDT = California Department of Technology; SOC = Security Operations Center; IT = information technology; CMD = California Military Department; CPUC = California Public Utilities
https://lao.ca.gov/Publications/Report/4432/6

Volatility of the Personal Income Tax Base

Feb 8, 2017 - California’s PIT Tax Base The tax base used by California for its personal income tax is similar to the federal government ’s, but is set in state law. Figure  2 summarizes the major components of the state ’s PIT tax base as reported on federal and state tax forms.
https://lao.ca.gov/Publications/Report/3548

The 2020-21 Budget: Overview of the Governor's Budget

Jan 13, 2020 - Recently, corporation tax collections have grown faster than anticipated while personal income tax collections have grown somewhat slower. The administration assumes that this pattern will continue. This is because they attribute the pattern to partnerships, which are taxed under the personal income tax, changing to corporations in response to 2017 federal tax changes.
https://lao.ca.gov/Publications/Report/4135

The 2022-23 California Spending Plan: Proposition 98

Oct 24, 2022 - The state meets the guarantee through a combination of state General Fund and local property tax revenue. Guarantee up Substantially Compared With Previous Budget Estimates. As Figure  2 shows, the estimates of the guarantee under the June 2022 budget plan are up significantly compared with the June 2021 estimates.
https://lao.ca.gov/Publications/Report/4641