The 2021-22 Budget: State Correctional Population Outlook

Nov 19, 2020 - As of the beginning of October 2020, there were nearly 8, 000 i nmates in county jail awaiting transfer to state prison. The state provides counties $93. 54 p er day for each inmate they house who would otherwise be in state prison.
https://lao.ca.gov/Publications/Report/4304?utm_source=laowww&utm_medium=email&utm_campaign=4304

2021-22 Fiscal Outlook Revenue Estimates [EconTax Blog]

Nov 18, 2020 - Below we provide further detail on our main forecasts for the state ’s “Big Three ” taxes —personal income, corporation, and sales taxes. Personal Income Tax PIT Revenue Should Exceed 2019-20 Levels For Next Few Years.
https://lao.ca.gov/LAOEconTax/Article/Detail/581

The 2021-22 Budget: California's Fiscal Outlook [Publication Details]

Nov 18, 2020 - In addition to The 2021-22 Budget: California’s Fiscal Outlook report and the accompanying The 2021-22 Budget: The Fiscal Outlook for Schools and Community Colleges report, several related posts on health and human services, economics and taxes, and other issues will be published in the coming days.
https://lao.ca.gov/Publications/Detail/4297

The 2021-22 Budget: California's Fiscal Outlook

Nov 18, 2020 - Recent Data on Tax Collections and Expenditures Consistent With Economic Picture. Recent data on actual tax collections and program caseloads have been consistent with a more positive economic picture, especially among high ‑income Californians.
https://lao.ca.gov/Publications/Report/4297

The 2021-22 Budget: The Fiscal Outlook for Schools and Community Colleges

Nov 18, 2020 - Similar to the June budget, we also assume the state addresses a recent issue related to property tax allocations in certain counties (see box below). Figure 3 Updating Prior ‑ and Current ‑Year Estimates of the Minimum Guarantee (In Millions)
https://lao.ca.gov/Publications/Report/4298

The 2021-22 Budget: Medi-Cal Fiscal Outlook

Nov 18, 2020 - Assume Statutorily Scheduled Expiration of Managed Care Organization (MCO) Tax For a number of years, the state has imposed a tax on MCOs ’ Medi ‑Cal and commercial lines of business. The state ’s previous MCO tax expired at the end of 2018 ‑19 and, in 2019 ‑20, the Legislature reauthorized the MCO tax in similar but not identical form to the prior tax.
https://lao.ca.gov/Publications/Report/4299

U.S. Retail Sales Update: October 2020 [EconTax Blog]

Nov 17, 2020 - U.S. retail sales grew modestly in October. Total sales January-October 2020 were just 0.1% below January-October 2019.
https://lao.ca.gov/LAOEconTax/Article/Detail/580

Update on School District Budgets

Nov 16, 2020 - The school district's budget must be reviewed by its county office of education (COE) by August 15. The main objective of the COE is to determine whether the budget allows the school district to meet its financial obligations during the fiscal year.
https://lao.ca.gov/Publications/Report/4301

Income Tax Withholding Tracker: November 9 - November 13 [EconTax Blog]

Nov 13, 2020 - Income Tax Withholding Tracker: November 9 - November 13 [EconTax Blog] Income Tax Withholding Tracker: November 9 - November 13 November 13, 2020 Brian Uhler Bottom Line:   California income tax withholding collections this week were 10 percent above the comparable week in 2019, boosting total withholding since late March to 3.6 percent above the same period last year.
https://lao.ca.gov/LAOEconTax/Article/Detail/579

October 2020 State Tax Collections [EconTax Blog]

Nov 13, 2020 - October 2020 State Tax Collections [EconTax Blog] Seth Kerstein October revenue collections from the state ’s three largest taxes —the personal income tax, corporation tax, and sales tax —were ahead of budget projections by $2.8 billion (40 percent).  
https://lao.ca.gov/LAOEconTax/Article/Detail/578