The 2022-23 Budget: Medi-Cal Fiscal Outlook

Nov 17, 2021 - Assumed Expiration of the MCO Tax Reauthorization of the MCO Tax Would Generate Billions of Dollars in General Fund Savings Beginning in 2023 ‑24. The MCO tax generates annual General Fund savings in Medi ‑Cal of $1.5 billion or more for each year it is in effect.
https://lao.ca.gov/Publications/Report/4474

U.S. Retail Sales Update: October 2021 [EconTax Blog]

Nov 16, 2021 - U.S. retail sales (seasonally adjusted) grew 1.7 percent from September to October. Retail sales remain elevated due to dramatic growth in January and March.
https://lao.ca.gov/LAOEconTax/Article/Detail/713

Housing affordability and property taxes. [Ballot]

Nov 12, 2021 - Background Property Taxes and Income Tax Credits   Local Governments Collect Property Taxes From Property Owners.  California local governments —cities, counties, schools, and special districts —levy property taxes on property owners.
https://lao.ca.gov/BallotAnalysis/Initiative/2021-023

Taxing very high-income taxpayers and dedicating revenues to pandemic prevention. [Ballot]

Nov 5, 2021 - Fiscal Effects New Tax Would Increase State Revenues by $500 Million to $1.5 Billion Annually for Ten Years. State revenues from the new tax likely would range from about $500 million to $1.5  billion annually.
https://lao.ca.gov/BallotAnalysis/Initiative/2021-022

Income Tax Withholding Tracker: October 1 - October 31 [EconTax Blog]

Nov 3, 2021 - Income Tax Withholding Tracker: October 1 - October 31 [EconTax Blog] Income Tax Withholding Tracker: October 1 - October 31 November 3, 2021 Brian Uhler Bottom Line:   California income tax withholding collections in October were 8.2 percent above October 2020, and collections to date in fiscal year 2021-22 are 20.2 percent above 2020-21.
https://lao.ca.gov/LAOEconTax/Article/Detail/710

The 2021-22 Spending Plan: Housing and Homelessness

Oct 29, 2021 - Specifically, to expedite construction of projects that have successfully acquired some state funding, this program provides accelerated funding in lieu of waiting for state tax credits. Project Roomkey.
https://lao.ca.gov/Publications/Report/4468

The 2021-22 Budget: Overview of the Spending Plan (Final Version)

Oct 27, 2021 - CWDB = California Workforce Development Board; CDE = California Department of Education; COLA = cost ‑of ‑living adjustment; GF = General Fund; CDFA = California Department of Food and Agriculture; CDTFA = California Department of Tax and Fee Administration; CTC = Commission on Teacher Credentialing; DCC = Department of Cannabis Control; DFPI = Department of Financial Protection
https://lao.ca.gov/Publications/Report/4448/1

2021-22 “Big Three” Revenue Outlook Update: October 2021 [EconTax Blog]

Oct 22, 2021 - We currently project that there is a good chance that collections from the state ’s “big three ” taxes —personal income, sales, and corporation taxes —will exceed the budget act assumption of $170 billion in 2021-22 by at least several billion dollars.
https://lao.ca.gov/LAOEconTax/Article/Detail/707

The 2021-22 Spending Plan: Health

Oct 22, 2021 - Additionally, budget-related language approved alongside the spending plan ensures that the ongoing rates paid to these long-term care facilities include the supplemental payments that have been provided since 2017 with funding from the Proposition  56 (2016) tobacco tax increase.
https://lao.ca.gov/Publications/Report/4465

Online sports wagering. [Ballot]

Oct 20, 2021 - The measure also imposes a 10  percent tax on entities offering online sports wagering. This tax is applied to the amount of sports wagers made after deducting (1)  any wagers made with free bets or promotional credits (such as a wager made with funds provided by a gaming operator to a player as a promotion), (2)  players ’ winnings and prizes, and (3)  all federal gaming taxes.
https://lao.ca.gov/BallotAnalysis/Initiative/2021-017