Were Local School Bond Measures Impacted By Recent Federal Tax Changes? [EconTax Blog]

Nov 30, 2018 - This, in effect, reduced the taxpayer ’s cost of paying state income taxes and local property taxes. Now, state income tax or local property tax payments beyond $10,000 result in no federal income tax savings.
https://lao.ca.gov/LAOEconTax/Article/Detail/330

Taxation of Sugary Drinks

Nov 26, 2018 - Different Types of Sugary Drink Taxes Volume ‑Based Tax. Under a volume ‑based tax, the amount of tax owed depends only on the volume of the taxed drink. As shown in Figure  3, for example, a one cent per ounce tax results in a tax of $0. 12 o n a can of cola and $0. 64 o n a large bottle of cranberry juice cocktail.
https://lao.ca.gov/Publications/Report/3903

Taxation of Sugary Drinks [Publication Details]

Nov 26, 2018 - Taxation of Sugary Drinks [Publication Details] HTML Description: Taxes on sugary drinks have become increasingly common in recent years. In June 2018, the Legislature passed a law (Chapter 61 of 2018 [AB 1838, Committee on Budget]) prohibiting local governments from levying such taxes (and other taxes on groceries) through 2030.
https://lao.ca.gov/Publications/Detail/3903

Cannabis Tax Revenue Update [EconTax Blog]

Nov 15, 2018 - Cannabis Tax Revenue Update [EconTax Blog] Seth Kerstein In November 2016, California voters approved Proposition 64 , which legalized the nonmedical use of cannabis. The state levies two excise taxes on cannabis: a retail excise tax and a cultivation tax.
https://lao.ca.gov/LAOEconTax/Article/Detail/326

Fiscal Outlook: Focus on Revenues [EconTax Blog]

Nov 14, 2018 - Revenues from California ’s three largest taxes —the personal income tax (PIT), sales tax, and corporation tax (CT) —have increased 41 percent from 2012-13 to 2017-18. PIT revenues have increased 46 percent over that same period.
https://lao.ca.gov/LAOEconTax/Article/Detail/318

Fiscal Outlook: Property Tax Estimates Exceed Budget Expectations [EconTax Blog]

Nov 14, 2018 - Property Taxes and the State Budget. Although the state receives no revenue from local property taxes, these taxes 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/320

Fiscal Outlook: Estimating Home Prices [EconTax Blog]

Nov 14, 2018 - Home price growth is an important driver of growth in local property tax collections. Prices also can affect revenues from major state taxes, particularly the personal income tax and sales tax. In general, higher home prices mean more tax revenues for state and local governments.
https://lao.ca.gov/LAOEconTax/Article/Detail/322

Fiscal Outlook: Estimating New Construction [EconTax Blog]

Nov 14, 2018 - New construction is a key driver of growth in assessed property values and, in turn, property tax revenue . More construction leads to higher assessed values. Below we discuss the details of our residential and commercial construction estimates used for our assessed value forecast.
https://lao.ca.gov/LAOEconTax/Article/Detail/323

Fiscal Outlook: Estimating Wages and Salaries [EconTax Blog]

Nov 14, 2018 - The single largest source of General Fund revenue is the personal income tax (PIT). In order to estimate PIT revenue for our Fiscal Outlook publication, we must also make a projection of wage and salary income.
https://lao.ca.gov/LAOEconTax/Article/Detail/321

Fiscal Outlook: Estimating Capital Gains Revenue [EconTax Blog]

Nov 14, 2018 - Consequently, capital gains earned by higher-income filers are taxed at higher rates. We estimate the income distribution using historical data on filings from the Franchise Tax Board and apply effective tax rates (liability as a fraction of taxable income after deductions) to income   based on recent patterns.
https://lao.ca.gov/LAOEconTax/Article/Detail/319