The 2018-19 May Revision: LAO Economic Outlook

May 12, 2018 - While these markets represent a minority of homes in the state, the Bay Area contributes disproportionately to the state’s economic activity and tax revenue. Figure 2 LAO May 2018 Economic Growth Scenario a Percent Change Unless Otherwise Indicated 2017
https://lao.ca.gov/Publications/Report/3829

The 2018-19 May Revision: LAO Revenue Outlook

May 12, 2018 - (Corporations previously avoided paying federal tax on these profits by holding them overseas.) Once this one-time tax is paid, corporations may bring these profits back to the U.S. any time (without paying any additional federal taxes).
https://lao.ca.gov/Publications/Report/3830

The 2018-19 Budget: The May Revision—Funding to Address Homelessness

May 12, 2018 - The program authorizes the issuance of bonds backed by personal income tax revenues raised under the Mental Health Services Act (Proposition  63 of 2004). Before these bonds can be issued, the state must complete a validation process whereby the courts determine whether issuance of the bonds is legal.
https://lao.ca.gov/Publications/Report/3831

The 2018-19 Budget: Initial Comments on the May Revision

May 12, 2018 - In large part, this reflects the administration’s projected increase between 2017 and 2019 in the share of income earned by higher income households (who pay higher tax rates under California’s graduated tax structure).
https://lao.ca.gov/Publications/Report/3832

Cannabis Tax Revenue Update [EconTax Blog]

May 8, 2018 - Cannabis Tax Revenue Update [EconTax Blog] Seth Kerstein Cannabis Tax Revenue Update In November 2016, California voters approved Proposition 64 , which legalized the nonmedical use of cannabis. As seen in the figure, the state levies two excise taxes on cannabis: a retail excise tax and a cultivation tax.
https://lao.ca.gov/LAOEconTax/Article/Detail/282

The 2018-19 Budget: California Earned Income Tax Credit Education and Outreach [Publication Details]

May 8, 2018 - The 2018-19 Budget: California Earned Income Tax Credit Education and Outreach [Publication Details] Translate Our Website This Google ™ translation feature provided on the Legislative Analyst's Office (LAO) website is for informational purposes only.
https://lao.ca.gov/Publications/Detail/3826

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

May 8, 2018 - (Personal income tax returns typically are filed between January and April of the year following the tax year —returns for tax year 2015 are filed in early 2016.) Claims did not significantly increase for tax year 2016, when 385,910 filers claimed the EITC.
https://lao.ca.gov/Publications/Report/3826

The 2018-19 Budget: A Guide to Understanding Potential Changes in the Proposition 98 Guarantee

May 7, 2018 - Additionally, personal income tax payments indicate that wage and/or job growth has been strong through the first part of 2018. In a few days, we will have additional tax data to help discern what share of higher revenue growth in 2017 ‑18 is likely to be ongoing versus one time.
https://lao.ca.gov/Publications/Report/3823

Looking at the Early Effects of Federal Tax Changes on Housing [EconTax Blog]

May 4, 2018 - Looking at the Early Effects of Federal Tax Changes on Housing [EconTax Blog] Looking at the Early Effects of Federal Tax Changes on Housing May 4, 2018 Brian Uhler In December 2017, Congress passed a package of changes to federal personal income tax and corporation tax laws.
https://lao.ca.gov/LAOEconTax/Article/Detail/281

The 2018-19 Budget: Update on State Funding for K-12 School Facilities

May 3, 2018 - Schools also can raise facilities funding using various other methods, including parcel taxes, but they raise substantially less through these other methods. Background —Office of Public School Construction The Office of Public School Construction (OPSC) Is One of Several State Agencies Involved in Project Approval Process.
https://lao.ca.gov/Publications/Report/3821