State Spending Plan for 1996-97 - Chapter 2

The below-average growth in transportation spending reflects the modest increases in transportation-related tax revenues, which occurred despite the gas-tax increas es approved by voters in 1990.
https://lao.ca.gov/1996/100796_spend_plan/96spendplan_ch2.html

State Spending Plan for 1996-97 - Chapter 3, Part II

Revenues Tax Legislation As noted previously, the two main tax-related measures passed by the Legislature and signed by the Governor are a bank and corporation tax rate cut (AB 3499) and a package of targeted tax cuts partially offset by various federal conformity provisions (SB 38).
https://lao.ca.gov/1996/100796_spend_plan/96spendplan_ch3b.html

^[PDF] Chapter 3 Revenue Projections

We project that sales and use Bank and Corporation Taxes Bank and corporation taxes are the third largest General Fund revenue source, accounting for about 12 percent of total projected revenues in 1996-97.
https://lao.ca.gov/1996/112196_fiscal_outlook/outlook96_chapter_3.pdf

California Update, August 1996

Sales tax payments were up $54  million during July. Corporation tax receipts were up $32  million for the month. August is projected to be a mid-sized month as regards revenue receipts, with $3.2 billion expected.
https://lao.ca.gov/1996/cal_update/aug_96_calupdate.html

December 1996 California Update

Of this adjusted total, about $269 million is due to higher-than-expected personal income taxes, reflecting stronger-than-expected withholding and quarterly estimated payments. About $178 million of the remaining increase is due to unusually large estate tax payments, a large portion of which will be accrued back to 1995-96.
https://lao.ca.gov/1996/cal_update/dec_96_calupdate.html

^[PDF] Major Features of the 1997 California Budget Budget Brief

The budget includes no changes to state tax law. The Legislature rejected the 10 percent phased reduction to corporate tax rates included in the Governor’s original budget proposal, as well his July proposal for a phased 10 percent reduction in personal income tax rates.
https://lao.ca.gov/1997/082297_bud_major_features/8_97_major_features_of_the_97_california_budget.pdf

December 1997 Cal Update

In the 1970s, the rapid rise in home values and the subsequent growth in property tax bills crea ted the widespread desire to lower property taxes. This movement culminated in 1978 with the passage of Proposition 13, which reduced property tax revenues by more than 50 percen t.
https://lao.ca.gov/1997/cal_update/dec_97_calupdate.html

Rethinking the Cal-Vet Loan Program Part I

In both cases thou gh, these restrictions apply to ensure that the bonds issued by the state are tax exempt for the purposes of federal tax law. The bonds' tax exempt status makes it possible for the state to sell them at a lower interest rate than would otherwise be possible.
https://lao.ca.gov/1998/011698_calvet/011698_cal-vet_parta.html

^[PDF] An LAO Taking Advantage of New Federal Higher Education Tax Credits

Part of the act creates the “Hope Scholarship” and “Lifetime Learn- ing” tax credits, which will dramatically lower the after-tax price of higher education fees for most middle-income students (or their parents) by low- ering their federal taxes.
https://lao.ca.gov/1998/0298_highered_tax_credits/0298_highered_tax_credits.pdf

^[PDF] An LAO Major Features of the 1998 California Budget

Figure 2 Potential Future VLF Tax Cuts (Dollars In Billions)
https://lao.ca.gov/1998/082498_bud_major_features/082498_major_features.pdf