The 2020-21 May Revision: Revenue Proposals in the 2020-21 May Revision

May 20, 2020 - This rationale is no longer valid as the state no longer has an estate tax. If the state were to eliminate the provision prospectively for inheritances of people who die after July 1, 2020, we estimate increased PIT revenue of about $120  million in 2020 ‑21, $450  million in 2021 ‑22, and $615  million in 2022 ‑23, with further increases in later years.
https://lao.ca.gov/Publications/Report/4238

The 2020-21 Budget: California Department of Tax and Fee Administration (CDTFA)

Mar 20, 2020 - (CDTFA ’s field operations include audit and compliance activities based in field offices around the state.) We commend the administration for identifying resources that CDTFA does not need and proposing budget reductions accordingly.
https://lao.ca.gov/Publications/Report/4205

California's Geography of Wealth [Publication Details]

Sep 5, 2019 - California's Geography of Wealth [Publication Details] PDF Description: California is the wealthiest state in the nation. Despite this overall prosperity, wealth varies considerably across the state and its residents.
https://lao.ca.gov/Publications/Detail/4093

The 2019-20 May Revision: Sales Tax Exemptions for Diapers and Menstrual Products

May 12, 2019 - California ’s state and local governments charge a sales tax on the retail sale of tangible goods. The average rate is 8.6  percent. Of that, 3.94  percent raises money for the state ’s General Fund, and 2.06  percent raises money the state provides to counties for various local programs.
https://lao.ca.gov/Publications/Report/4040

The 2019-20 Budget: Analysis of Proposed Earned Income Tax Credit Expansion

Mar 6, 2019 - Under the administration ’s current estimates, however, the state EITC (including this expansion) is expected to cost $ 410  m illion in 2018 ‑19. State Provides Funding for Outreach. Many community ‑based organizations and other state and local government agencies (such as school districts and county social services offices) engage in efforts to raise awareness about the state and federal EITC.
https://lao.ca.gov/Publications/Report/3960

The 2018-19 Budget: California Earned Income Tax Credit Education and Outreach

May 8, 2018 - Consequently, some of those eligible for a state credit may not know the state EITC is available—or that they are eligible—due to not filing a state return. The U.S. Internal Revenue Service (IRS), the state tax agencies, and many other organizations have ongoing efforts to increase the number of eligible individuals and families claiming the federal and state EITCs.
https://lao.ca.gov/Publications/Report/3826

Comparing Taxes on Cannabis to Taxes on Other Products in California [Publication Details]

Dec 17, 2019 - California’s state and local governments generally tax cannabis—including medical cannabis—more heavily than other medicines. In some instances, however, exemptions can make tax rates on medical cannabis comparable to tax rates on other medicines.
https://lao.ca.gov/Publications/Detail/4123

Cal Facts 2018 [Publication Details]

Dec 6, 2018 - With a state as big, as populous, and as complex as California, quickly summarizing how its economy or state budget works is impossible. Instead, Cal Facts is a visual guide—using a variety of different charts—to the state's economy, revenues, and major program trends.
https://lao.ca.gov/Publications/Detail/3905

Evaluation of the Property Tax Postponement Program

Oct 8, 2018 - The state charges a flat, simple interest rate of 7  p ercent on PTP accounts. Before the program was suspended, the state charged a rate that varied based on the rate of return in the state ’s checking account, known as the Pooled Money Investment Account.
https://lao.ca.gov/Publications/Report/3885

The 2018-19 Budget: The May Revision—State Earned Income Tax Credit Expansion

May 14, 2018 - The 2018-19 Budget: The May Revision—State Earned Income Tax Credit Expansion State Earned Income Tax Credit Expansion Background State Earned Income Tax Credit (EITC) Boosts Low-Income Households ’ Earnings.
https://lao.ca.gov/Publications/Report/3835