October 2018 State Tax Collections [EconTax Blog]

Nov 13, 2018 - October 2018 State Tax Collections [EconTax Blog] Carolyn Chu Collections Fall Short of Projections Due to Processing Issues. Due to issues related to withholding timing and the new sales tax IT system , October revenues shown below fall short of projections by $683 million.
https://lao.ca.gov/LAOEconTax/Article/Detail/324

Homeowners’ and renters’ tax relief. [Ballot]

Nov 2, 2017 - Homeowners Also Receive a Property Tax Exemption. The State Constitution grants a $7,000 property tax exemption for owner-occupied housing. This exemption reduces a home ’s assessed value by $7,000, typically reducing the homeowner ’s tax payment by about $80  annually.
https://lao.ca.gov/BallotAnalysis/Initiative/2017-032

The 2021-22 Budget: Initial Comments on the Governor’s May Revision

May 17, 2021 - CAC = California Arts Council; CalVet = California Department of Veterans Affairs; CDE = California Department of Education; CDFA = California Department of Food and Agriculture; CDI = California Department of Insurance; CDT = California Department of Technology; SOC = Security Operations Center; IT = information technology; CMD = California Military Department; CPUC = California Public Utilities
https://lao.ca.gov/Publications/Report/4432/6

Fiscal Outlook: Property Taxes Exceed Budget Expectations [EconTax Blog]

Nov 15, 2017 - Although property taxes are allocated exclusively to local governments, property tax collections still affect the state budget. State funding requirements for schools are met through a combination of property taxes received by schools and state general fund dollars.
https://lao.ca.gov/LAOEconTax/Article/Detail/258

Governor’s May Revision Update: Health Insurance Affordability Proposals

May 15, 2019 - However, because households required to pay the penalty will not do so until early 2021 (when state income taxes are filed for 2020), the state General Fund would cover the cost of subsidies provided in 2019 ‑20, as shown in Figure 2.
https://lao.ca.gov/Publications/Report/4047

Governor’s May Revision Update: Health Insurance Affordability Proposals [Publication Details]

May 15, 2019 - With the May Revision (and prior to the May Revision with the release of proposed implementing legislation), the administration has provided additional details on its January proposal to impose a state individual mandate and use penalty revenues from the mandate to fund health insurance subsidies.
https://lao.ca.gov/Publications/Detail/4047

How Will Aging Baby Boomers Affect Future Property Tax Revenues?

Jun 20, 2017 - Turnover Key to Property Tax Growth Under Proposition  13, Property Turnover Drives Property Tax Growth. Proposition  13 was a landmark decision by California ’s voters in 1978 to limit property taxes.
https://lao.ca.gov/Publications/Report/3693

The 2017-18 Budget: California Competes Tax Credit

Feb 27, 2017 - The first businesses that negotiated California Competes tax credit agreements with GO-Biz in 2014 were allowed to claim tax credits against their 2014 tax year income tax liability (provided they achieved their hiring and investment targets).
https://lao.ca.gov/Publications/Report/3586

The 2019-20 Budget: Increasing Compliance With Unclaimed Property Law

Mar 15, 2019 - Include an Unclaimed Property Question on Businesses’ Tax Forms Most California businesses file income tax returns with the Franchise Tax Board (FTB) each year. Under one option, the Legislature could amend tax law to require businesses to respond to a question about unclaimed property as part of their tax filings.
https://lao.ca.gov/Publications/Report/3978

Fiscal Outlook: Medi-Cal

Nov 14, 2018 - Expiration of Managed Care Organization (MCO) Tax Current MCO Tax. Since 2016-17, the state has imposed a per-member tax on Medi-Cal and non-Medi-Cal MCOs. Revenues from the MCO tax, which leverages federal funding for Medi-Cal, provide a substantial General Fund offset in Medi-Cal.
https://lao.ca.gov/Publications/Report/3898