The 2020-21 Spending Plan: Tax Changes

Oct 5, 2020 - Earned Income Tax Credit Expands Eligibility for California Earned Income Tax Credit (EITC). The California EITC is a personal income tax credit that is intended to reduce poverty by increasing the after-tax income of California ’s poorest working households.
https://lao.ca.gov/Publications/Report/4270

The 2020-21 Spending Plan: Resources and Environmental Protection

Oct 5, 2020 - Consistent with existing state law, the budget allocates (1) $79  million to backfill state revenue losses from  expanding a manufacturing sales tax exemption and (2)  $42  million to backfill revenue losses from suspending a fire prevention fee that was previously imposed on landowners in State Responsibility Areas (known as the SRA fee).
https://lao.ca.gov/Publications/Report/4275

The 2020-21 Spending Plan: Tax Changes [Publication Details]

Oct 5, 2020 - The 2020-21 Spending Plan: Tax Changes [Publication Details] Translate Our Website This Google ™ translation feature provided on the Legislative Analyst's Office (LAO) website is for informational purposes only.
https://lao.ca.gov/Publications/Detail/4270

The 2020-21 Budget: Overview of the California Spending Plan (Final Version)

Oct 5, 2020 - First, the federal government approved the state ’s recently reauthorized managed care organization (MCO) tax for the period of January 1, 2020 t hrough June 30, 2023. Revenues from the new MCO tax offset about $1. 7  b illion in General Fund spending in Medi ‑Cal in 2020 ‑21.
https://lao.ca.gov/Publications/Report/4263

The 2020-21 Spending Plan: Labor and Employment Issues

Oct 5, 2020 - The department requested resources for AB  5 because its payroll tax auditors must determine if a worker is an independent contractor or an employee. Funds will be used to train auditors to apply the new test and hire auditors to prepare audits for additional employer appeals that are expected as a result of the law.
https://lao.ca.gov/Publications/Report/4274

Income Tax Withholding Tracker: September 28 - October 2 [EconTax Blog]

Oct 2, 2020 - Income Tax Withholding Tracker: September 28 - October 2 [EconTax Blog] Income Tax Withholding Tracker: September 28 - October 2 October 2, 2020 Brian Uhler Bottom Line:   California income tax withholding collections this week were 27 percent below the comparable week in 2019, but this may reflect a timing issue.
https://lao.ca.gov/LAOEconTax/Article/Detail/556

Income Tax Withholding Tracker: September 21 - September 25 [EconTax Blog]

Sep 25, 2020 - Income Tax Withholding Tracker: September 21 - September 25 [EconTax Blog] Income Tax Withholding Tracker: September 21 - September 25 September 25, 2020 Brian Uhler Bottom Line:   California income tax withholding surged this week, as collections were 40 percent above the comparable week in 2019.
https://lao.ca.gov/LAOEconTax/Article/Detail/554

Major Potential State Fiscal Risk Averted Following Withdrawal of Proposed Federal Medicaid Financing Regulation

Sep 21, 2020 - For example, MFAR effectively would have prohibited health care-related taxes that place different tax rates on taxpayers based on their levels of Medicaid (versus non-Medicaid) activity. In their current forms, both the hospital quality assurance fee and the MCO tax likely would have run afoul of these rule changes.
https://lao.ca.gov/Publications/Report/4269

Income Tax Withholding Tracker: September 14 - September 18 [EconTax Blog]

Sep 18, 2020 - Income Tax Withholding Tracker: September 14 - September 18 [EconTax Blog] Income Tax Withholding Tracker: September 14 - September 18 September 18, 2020 Brian Uhler Bottom Line:   California income tax withholding this week was 7 percent above the comparable week in 2019.
https://lao.ca.gov/LAOEconTax/Article/Detail/548

August 2020 State Tax Collections [EconTax Blog]

Sep 17, 2020 - August 2020 State Tax Collections [EconTax Blog] Seth Kerstein August revenue collections from the state ’s three largest taxes —the personal income tax, corporation tax, and sales tax —were ahead of budget projections by $1.7 billion (24 percent).
https://lao.ca.gov/LAOEconTax/Article/Detail/546