The 2022-23 Budget: Fuel Tax Rates [Publication Details]

Feb 11, 2022 - The 2022-23 Budget: Fuel Tax Rates [Publication Details] Description: In this post, we analyze the Governor’s proposed one-year fuel tax holiday. This proposal presents the Legislature with a tradeoff between reducing fuel expenses and funding state highway projects.
https://lao.ca.gov/Publications/Detail/4528

The 2022-23 Budget: Governor’s Office of Business and Economic Development Proposals

Feb 11, 2022 - The total request is for $450 million General Fund, over three years: $100 million in 2023‑24, $100 million in 2024‑25, and $150 million in 2025‑26. Proposal Lacks Important Details. This  proposal does not provide a detailed justification for the amount of funding requested or the criteria that would be used to make the grants.
https://lao.ca.gov/Publications/Report/4529

The 2022-23 Budget: Fuel Tax Rates

Feb 11, 2022 - The California Department of Transportation (Caltrans) plans such projects well in advance, so changes in 2022 ‑23 revenue likely would affect funding for projects around 2024 ‑25. Due to the State Highway Account ’s estimated beginning balance of $3  billion in 2022 ‑23, the revenue loss would not affect projects planned for 2022 ‑23 or 2023 ‑24.
https://lao.ca.gov/Publications/Report/4528

The 2022-23 Budget: Temporary Limits on Business Tax Provisions [Publication Details]

Jan 26, 2022 - This 2022-23 budget post provides background on temporary limits on the use of net operating loss deductions and business tax credits. It describes the Governor’s proposal to lift these limits one year early and provides some comments to the Legislature.
https://lao.ca.gov/Publications/Detail/4500

The 2022-23 Budget: Temporary Limits on Business Tax Provisions

Jan 26, 2022 - Companies and individuals often incur operating losses associated with their business activities in some years. These companies are able to carry the net operating losses (NOLs) forward into future tax years and deduct NOLs from their operating income.
https://lao.ca.gov/Publications/Report/4500

The 2022-23 Budget: Federal Tax Conformity for Federal Business Assistance

Jan 26, 2022 - In addition, estimating in which years the revenue losses would occur is difficult. This is because most of the businesses that would benefit from conforming to the federal tax tr eatment of these grants have operating losses and will not owe taxes this year, or perhaps for several years.  
https://lao.ca.gov/Publications/Report/4501

Annual Report on Tax Exemptions for Medicinal Cannabis

Jul 1, 2021 - In particular, the data reflect transactions that businesses identified as medicinal donations in calendar year 2020. Number of Patients Served. In 2020, licensees identified 13, 278 t ransactions as medicinal donations.
https://lao.ca.gov/Publications/Report/4447

Tax Credit Expansions in the American Rescue Plan

Apr 13, 2021 - The ARP made two significant changes to the EITC for 2021: (1)  increased the credit amounts available to childless workers, and (2)  broadened the age range for eligible filers from 24 to 65 years old to 19 and over.
https://lao.ca.gov/Publications/Report/4410

Evaluating State Economic Stimulus Proposals

Feb 1, 2021 - The state uses bonds primarily to pay for the planning, construction, and renovation of infrastructure projects such as bridges, dams, prisons, parks, schools, and office buildings. The state is prohibited from borrowing money to finance state operations.
https://lao.ca.gov/Publications/Report/4331

The 2021-22 Budget: Business Tax Incentives

Jan 28, 2021 - Chapter   677 o f 2012 (S B  1128 , Padilla) prohibits CAEATFA from approving more than $ 100  m illion of exclusions in any calendar year. This cap has become more binding over time. Before 2019, exclusions were available for most of the year.
https://lao.ca.gov/Publications/Report/4327