The Property Tax Inheritance Exclusion

Oct 9, 2017 - In 1986, voters approved Proposition   58 —a legislative constitutional amendment —which excludes certain property transfers between parents and children from reassessment. A decade later, Proposition  193 extended this exclusion to transfers between grandparents and grandchildren if the grandchildren ’s parents are deceased.
https://lao.ca.gov/Publications/Report/3706

Building Reserves to Prepare for a Recession

Mar 7, 2018 - Budget Stabilization Account Proposition   58 Governed BSA From 2004 t o 2014. Until 2014, the BSA was governed by Proposition  58. Passed by voters in 2004, Proposition   58 r equired the state to make an annual transfer into the BSA.
https://lao.ca.gov/Publications/Report/3769

The 2024-25 Budget: Governor's Office of Business and Economic Development

Feb 20, 2024 - We estimate the Governor ’s budget predicts the state ’s 2024-25 budget will need to address a $58 billion deficit . In December, our office predicted a somewhat large deficit of $68 billion . Since then, recent data has continued to point to the budget problem being larger than the Governor’s budget assumes.
https://lao.ca.gov/Publications/Report/4846

The 2026-27 Budget: California Competes Extension [Publication Details]

Mar 18, 2026 - This post assesses the Governor’s proposal to extend the California Competes Tax Credit program.
https://lao.ca.gov/Publications/Detail/5162

The 2026-27 Budget: California Competes Extension

Mar 18, 2026 - All agreements between GO-Biz and credit recipients include a recapture provision: If a business fails to meet or maintain the job creation or investment milestones in their agreement, GO-Biz may disallow use of these credits or require repayment of credits already claimed.
https://lao.ca.gov/Publications/Report/5162

The 2022-23 Budget: Governor’s Office of Business and Economic Development Proposals

Feb 11, 2022 - Consequently, Visit California has increased its net assets from $20  million at the beginning of 2019 ‑20 to $58  million by the end of 2021 ‑22. Additional State Funding for Marketing Appears Unnecessary.
https://lao.ca.gov/Publications/Report/4529

The 2025-26 Budget: Governor’s Office of Business and Economic Development

Mar 18, 2025 - The Governor ’s budget proposes a one-time General Fund appropriation of $25  million in 2025-26 for GO-Biz to support capital expenditures incurred during the development of the DCF. After Natcast incurs these expenses, it could submit requests for reimbursement to GO-Biz until July 31, 2027.
https://lao.ca.gov/Publications/Report/5018

Assessing Recent Changes to California Competes

Mar 30, 2020 - In their October 2019 r eport to us, GO ‑Biz describes how they implemented the new requirement. GO ‑Biz treats this requirement as a mandatory threshold. GO ‑Biz rejects applications that cannot explain or show how the credit will create a net increase in California employment.
https://lao.ca.gov/Publications/Report/4213

The 2017-18 Budget: California Competes Tax Credit

Feb 27, 2017 - GO-Biz May Allocate Tax Credits Through 2017-18. The Governor ’s Office of Business and Economic Development (GO-Biz) administers the California Competes tax credit program. GO-Biz negotiates written tax credit agreements with businesses on a case-by-case basis.
https://lao.ca.gov/Publications/Report/3586

The 2018-19 Budget: California Competes Proposal

Feb 21, 2018 - We observe that some of the factors in law that GO-Biz considers in awarding tax credits create confusion about the intent of the program and allow GO-Biz to score non-tradable businesses highly in their evaluation process.
https://lao.ca.gov/Publications/Report/3759