August 2018 State Tax Collections [EconTax Blog]

Sep 12, 2018 - Higher personal income tax (PIT) withholding and increased sales tax revenue each made up about half of the increase. We discuss each of these in a bit more detail below. PIT Withholding Continued to Be Strong in August.
https://lao.ca.gov/LAOEconTax/Article/Detail/305

MOU Fiscal Analysis: Bargaining Unit 9 (Professional Engineers)

Aug 28, 2018 - In 2018-19, the state expects these taxes to raise $4.4 billion. By 2020-21, when all the taxes are in effect and the inflation adjustments have started, the state expects the taxes to raise $5.1 billion each year.
https://lao.ca.gov/Publications/Report/3880

Need-Based Financial Aid Award Amounts [EdBudget]

Aug 27, 2018 - The Cal Grant B Access Award consists of a statuory amount funded by state General Fund ($1,648) and a supplemental amount funded by the College Access Tax Credit. The size of the supplement each year depends on the level of tax credit funds.
https://lao.ca.gov/Education/EdBudget/Details/190

Why Are Home Sales a Useful Economic Indicator? [EconTax Blog]

Aug 23, 2018 - Personal income is the tax base for the state ’s largest source of tax revenue : the personal income tax. Home sales also are a good barometer for the strength of the state ’s housing markets. A major drop in home sales can signal that demand among homebuyers is weakening.
https://lao.ca.gov/LAOEconTax/Article/Detail/299

Statewide Tax on sugar-sweetened drinks. [Ballot]

Aug 21, 2018 - The measure would allow local governments to enact taxes on nonalcoholic drinks. To the extent that local governments enact such taxes, local tax revenues would increase. The amou nt of new revenue would depend on the number of local governments that enact these taxes and on the policy choices they make (such as the tax rate).
https://lao.ca.gov/BallotAnalysis/Initiative/2018-004

July 2018 State Tax Collections [EconTax Blog]

Aug 10, 2018 - Lower sales tax results explain this shortfall, as PIT collections were somewhat above projections and corporation taxes were very close to the monthly estimate. A new IT system used to collect sales tax may explain this lower collection.
https://lao.ca.gov/LAOEconTax/Article/Detail/297

Proposed constitutional initiative related to gaming activities. [Ballot]

Aug 1, 2018 - For example, cardrooms and their owners along with winnings are subject to sta te and local taxes. Lottery sales and winnings are generally not subject to state and local taxes. Federal Authorization of Tribal Gaming.
https://lao.ca.gov/BallotAnalysis/Initiative/2018-003

Why Are Unemployment Claims a Useful Economic Indicator? [EconTax Blog]

Jul 24, 2018 - Personal income is the tax base for the state ’s largest source of tax revenue : the personal income tax.  
https://lao.ca.gov/LAOEconTax/Article/Detail/290

State Revenue Tracking: Focus on Four Key Months [EconTax Blog]

Jul 18, 2018 - Tax filers who do not prepay all their taxes through paycheck withholding must make quarterly tax payments to the Franchise Tax Board (FTB). Much of these payments come from filers who receive a large share of their income from business income, capital gains, and other non-wage income.
https://lao.ca.gov/LAOEconTax/Article/Detail/289

2017-18 State Tax Collections [EconTax Blog]

Jul 11, 2018 - 2017-18 State Tax Collections [EconTax Blog] Carolyn Chu This post covers final 2017-18 totals for the personal income tax (PIT) and  corporation tax, and prelimnary totals for the sales tax. Total 2017-18 Tax Collections Exceed Projections.
https://lao.ca.gov/LAOEconTax/Article/Detail/288