Income Tax Withholding Tracker: May 4-May 8 [EconTax Blog]

May 8, 2020 - Income Tax Withholding Tracker: May 4-May 8 [EconTax Blog] Income Tax Withholding Tracker: May 4-May 8 May 8, 2020 Brian Uhler Bottom Line: Income tax withholding unexpectedly surged this week, but cumulative collections since March 23 remain somewhat below last year ’s level.  
https://lao.ca.gov/LAOEconTax/Article/Detail/463

The 2020-21 Budget: California's Spring Fiscal Outlook

May 8, 2020 - Cash Management A Sizeable Cash Cushion Allows the State to Withstand the Delay in the Tax Filing Date … The state ’s sizeable reserve balances have contributed to a strong cash position in recent years.
https://lao.ca.gov/Publications/Report/4228

Income Tax Withholding Tracker: April 27-May 1 [EconTax Blog]

May 1, 2020 - Income Tax Withholding Tracker: April 27-May 1 [EconTax Blog] Income Tax Withholding Tracker: April 27-May 1 May 1, 2020 Brian Uhler Bottom Line: Income tax withholding this week was nearly 30 percent below the comparable week last year, the steepest dropoff of any week since the pandemic started.  
https://lao.ca.gov/LAOEconTax/Article/Detail/460

An Overview of Federal Higher Education Relief

Apr 28, 2020 - These public higher education segments primarily use state funding, along with student tuition revenue (and, at CCC, local property tax revenue), to cover their core operating expenses. These expenses include faculty salaries, employee benefits, building maintenance, equipment, and supplies.
https://lao.ca.gov/Publications/Report/4225

Income Tax Withholding Tracker: April 20-April 24 [EconTax Blog]

Apr 24, 2020 - Income Tax Withholding Tracker: April 20-April 24 [EconTax Blog] Income Tax Withholding Tracker: April 20-April 24 April 24, 2020 Brian Uhler Bottom Line: Weakness in income tax withholding continued this week, with collections experiencing a slightly steeper decline than they did during the comparable week of the Great Recession.  
https://lao.ca.gov/LAOEconTax/Article/Detail/458

Income Tax Withholding Tracker: April 13-April 17 [EconTax Blog]

Apr 17, 2020 - Income Tax Withholding Tracker: April 13-April 17 [EconTax Blog] Income Tax Withholding Tracker: April 13-April 17 April 17, 2020 Justin Garosi Bottom Line: Breaking with the pattern of recent weeks, this week ’s withholding was slightly above the comparable week in 2019.
https://lao.ca.gov/LAOEconTax/Article/Detail/453

Federal COVID-19 Response Actions Affecting Older Adults and Persons with Disabilities

Apr 16, 2020 - Eligibility will be determined primarily through an individual ’s most recent tax filing (2019 for those who have already filed, 2018 otherwise). Initially, the Internal Revenue Service (IRS) released guidance stating that people who typically do not file a tax return, including low-income, older adults and individuals with disabilities, will need to file a tax return or register through an online tool to receive the one-time cash assistan ce.
https://lao.ca.gov/Publications/Report/4221

U.S. Retail Sales: March 2020 [EconTax Blog]

Apr 15, 2020 - The drop in overall retail sales will hurt sales tax revenues both for the state and local governments. Due to a state General Fund exemption for fuel, gas stations are a significant source of sales tax revenue for local governments, but not for the state.
https://lao.ca.gov/LAOEconTax/Article/Detail/451

Federal Stimulus Funds for Transit

Apr 15, 2020 - In California, 25 “self-help ” counties have passed local sales tax measures for transportation, a portion of which goes to transit. Also, State Transit Assistance is the state ’s largest funding program for transit and is funded by the sales tax on diesel.
https://lao.ca.gov/Publications/Report/4220

Income Tax Withholding Tracker: 4/6 to 4/10 [EconTax Blog]

Apr 10, 2020 - Income Tax Withholding Tracker: 4/6 to 4/10 [EconTax Blog] Income Tax Withholding Tracker: 4/6 to 4/10 April 10, 2020 Brian Uhler Bottom Line: Withholding has shown significant weakness for three weeks in a row.
https://lao.ca.gov/LAOEconTax/Article/Detail/450