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

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

Volatility of the Personal Income Tax Base [Publication Details]

Feb 8, 2017 - On the other hand, California's personal income tax (PIT) base was much more volatile. This is because (1) some of the more stable pieces of personal income are not taxed under California's PIT and (2) the PIT tax base includes capital gains, which are extremely volatile and are not counted as part of personal income in federal statistics.
https://lao.ca.gov/Publications/Detail/3548

The 2019-20 Budget: Overview of the Governor's Budget

Jan 14, 2019 - Based on the recent federal approval of a similar tax in Michigan, federal approval of a reauthorized California MCO tax appears likely. Despite this development, the administration did not propose an extension of the MCO tax in 2019 ‑20, forgoing over $ 1  b illion in General Fund benefit.
https://lao.ca.gov/Publications/Report/3916

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

The 2021-22 Budget: California's Fiscal Outlook [Publication Details]

Nov 18, 2020 - In addition to The 2021-22 Budget: California’s Fiscal Outlook report and the accompanying The 2021-22 Budget: The Fiscal Outlook for Schools and Community Colleges report, several related posts on health and human services, economics and taxes, and other issues will be published in the coming days.
https://lao.ca.gov/Publications/Detail/4297

The 2018-19 Budget: Proposition 98 Outlook

Nov 15, 2017 - The personal income tax accounts for most of the revenue growth, increasing nearly $ 8  b illion (9. 5  p ercent) in 2017 ‑18 and nearly $ 5  b illion (5. 4  p ercent) in 2018 ‑19. Revenue from the sales and use tax and the corporate tax also increases, albeit more slowly.
https://lao.ca.gov/Publications/Report/3716

The 2017-18 Budget: Analysis of Special Education “Disconnect”

Mar 1, 2017 - (Roughly ten SELPAs will be most opposed to the first option, as they have sufficient property tax revenue to continue covering the higher statutory funding levels. These SELPAs w ould see some of their property tax revenue go to cities, counties, and/or trial courts, consistent with existing related statutory provisions.)
https://lao.ca.gov/Publications/Report/3598

A Historical Review of Proposition 98

Jan 18, 2017 - Gas Tax Swap. State eliminated its sales tax on gasoline, which had counted toward the guarantee, and replaced it with an excise tax that otherwise would not count toward the guarantee. The state initially held schools and community colleges harmless by assuming the gas sales tax revenue still existed for the purposes of Proposition  98 calculations.
https://lao.ca.gov/Publications/Report/3526