Cannabis Tax Revenue Update [EconTax Blog]

Dec 4, 2019 - 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/417

The enforcement of and sentencing for certain criminal offenses. [Ballot]

Dec 4, 2019 - Approved by voters in 2004, MHSA placed a 1  percent tax on incomes over $1  million and dedicated the associated revenues of roughly $2  billion annually to mental health services. Up to 5  percent of this funding goes to the state to administer the MHSA.
https://lao.ca.gov/BallotAnalysis/Initiative/2019-024

Proposed statutory initiative related to consumer privacy. [Ballot]

Dec 2, 2019 - Tax Revenues. The measure would have various impacts on businesses and consumers, which could then impact state and local tax revenues. On the one hand, the measure could reduce tax revenues in certain areas.
https://lao.ca.gov/BallotAnalysis/Initiative/2019-021

Stem cell research. [Ballot]

Dec 2, 2019 - (For taxable bonds, the interest that investors earn is not exempt from federal taxes.) CIRM Has Spent Nearly All Available Funds. As Figure 1 shows, bonds issued under Proposition  71 have comprised virtually all of CIRM ’s funding, with a relatively small amount of funding coming from investment income, private donations, and other sources.
https://lao.ca.gov/BallotAnalysis/Initiative/2019-022

The 2020-21 Budget: Cal Grant Cost Estimates

Nov 21, 2019 - The budget also provides $6  million from the College Access Tax Credit Fund, a state special fund that supports a small augmentation to the access award. (The CCC Student Success Completion Grant program is supported by Proposition  98 state General Fund, separate from Cal Grant funding.)
https://lao.ca.gov/Publications/Report/4114

The 2020-21 Budget: CalWORKs Child Care Outlook

Nov 21, 2019 - For Stage 1 child care, the state provides the Department of Social Services an appropriation for the county single allocation block grant. This block grant is intended to cover counties ’ costs for determining families ’ CalWORKs eligibility, providing employment services, covering Stage  1 child care costs, and undertaking various other related administrative functions.
https://lao.ca.gov/Publications/Report/4115

Fiscal Outlook: Focus on Revenues [EconTax Blog]

Nov 20, 2019 - As shown below, our estimates of the state ’s largest three revenues —personal income tax (PIT), sales and use tax (SUT), and corporation tax (CT) —are just over $1  billion higher than budget assumptions across the two years.
https://lao.ca.gov/LAOEconTax/Article/Detail/414

The 2020-21 Budget: California's Fiscal Outlook

Nov 20, 2019 - Importantly, this scenario assumes the federal government approves the managed care organization (MCO) tax and the state faces no major disasters over the next few years. (The MCO tax offsets General Fund costs in Medi ‑Cal but it requires federal approval.)
https://lao.ca.gov/Publications/Report/4111

The 2020-21 Budget: The Fiscal Outlook for Schools and Community Colleges

Nov 20, 2019 - In these years, changes in property tax revenue do not offset General Fund spending.) Our lower property tax estimate mainly reflects reductions in the amount of associated funding shifted from cities, counties, and other local governments to schools and community colleges.
https://lao.ca.gov/Publications/Report/4113

The 2020-21 Budget: Medi-Cal Fiscal Outlook

Nov 20, 2019 - The CalAIM proposal primarily relates to how the state finances and oversees the delivery of health care services provided through contracted managed care plans and behavioral health (mental health and substance use disorder) services provided through counties.
https://lao.ca.gov/Publications/Report/4116