Income Tax Withholding Tracker: June 29-July 3 (UPDATED) [EconTax Blog]

Jul 6, 2020 - Income Tax Withholding Tracker: June 29-July 3 (UPDATED) [EconTax Blog] This post is updated to include withholding data from Friday July 3rd.     Bottom Line:   California income tax withholding continues to run about 3 percent below the comparable week in 2019.
https://lao.ca.gov/LAOEconTax/Article/Detail/490

Cannabis Tax Revenue Update [EconTax Blog]

Aug 22, 2019 - Cannabis Tax Revenue Update [EconTax Blog] Seth Kerstein In November 2016, California voters approved Proposition 64 , which legalized the nonmedical use of cannabis. The state levies two excise taxes on cannabis: a retail excise tax and a cultivation tax.
https://lao.ca.gov/LAOEconTax/Article/Detail/395

The 2020-21 Budget: The Governor’s Cannabis‑Related Proposals [Publication Details]

Feb 14, 2020 - The Governor’s 2020-21 budget includes various cannabis-related proposals, including both budget trailer legislation and budget change proposals from multiple departments. In this report, we (1) provide some background on cannabis regulation and taxation in California; (2) describe the Governor’s proposals; and (3) provide recommendations on these proposals for legislative consideration.
https://lao.ca.gov/Publications/Detail/4162

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

Income Tax Withholding Tracker: June 22-June 26 [EconTax Blog]

Jun 26, 2020 - Income Tax Withholding Tracker: June 22-June 26 [EconTax Blog] Income Tax Withholding Tracker: June 22-June 26 June 26, 2020 Brian Uhler Bottom Line:   California income tax withholding appears to have settled in at a level about 3 percent below the same period in 2019.
https://lao.ca.gov/LAOEconTax/Article/Detail/488

Federal Approval of a Reauthorized Managed Care Organization Tax Now Appears More Likely

Dec 21, 2018 - MCO Tax Package Included Changes to Other Taxes Paid by Some MCOs. The MCO tax package cut other taxes paid by some MCOs and certain affiliated health insurance companies. Specifically, certain types of income currently subject to the corporation tax is exempted from taxation and certain premium revenue is
https://lao.ca.gov/Publications/Report/3915

Income Tax Withholding Tracker: June 15-June 19 [EconTax Blog]

Jun 19, 2020 - Income Tax Withholding Tracker: June 15-June 19 [EconTax Blog] Income Tax Withholding Tracker: June 15-June 19 June 19, 2020 Brian Uhler Bottom Line:   California income tax withholding appears to have stabilized, with aggregate collections over the past five weeks almost exactly matching the comparable weeks in 2019.
https://lao.ca.gov/LAOEconTax/Article/Detail/483

The 2019-20 May Revision: Opportunity Zones

May 11, 2019 - At the same time, federal tax law typically influences people ’s choices more than state tax law because federal tax rates are higher. This means that at least some of the investment receiving California tax benefits would happen anyway in response to the federal tax benefit.
https://lao.ca.gov/Publications/Report/4038

Federal Paid Leave for Workers Impacted by COVID-19

Mar 27, 2020 - Recent guidance from federal tax agencies and the Department of Labor seeks to minimize this concern. Typically, businesses are required to withhold (from employee paychecks) federal income taxes and the employee’s share of Social Security and Medicare payroll taxes, and submit those payroll taxes at the end of each quarter.
https://lao.ca.gov/Publications/Report/4212

K-12 Funding by Source [EdBudget]

Mar 4, 2021 - The 2021-22 amount excludes approximately $1.3 billion related to programs affected by this shift. d Includes revenue from property taxes collected in excess of the Local Control Funding Formula allotments, parcel taxes, fees, and local reimbursements. e The 2020-21 amount consists of $4.4 billion from the Coronavirus Relief Fund, $1.6 billion from the Elementary
https://lao.ca.gov/Education/EdBudget/Details/485