Building Reserves to Prepare for a Recession

Mar 7, 2018 - The state used proceeds from the sale of long ‑term electricity bonds to finance $11. 2  b illion in these costs. (Electricity ratepayers, rather than General Fund taxpayers, repaid these bonds financed by a surcharge on electricity bills.)
https://lao.ca.gov/Publications/Report/3769

The 2018-19 May Revision: LAO Economic Outlook

May 12, 2018 - The typical PE ratio since 1990 is 21 (19 if the dot-com bubble of the late 1990s and early 2000s is excluded). Similar to the price-to-earnings ratio, the home price-to-rent ratio is used to gauge if home prices are in line with underlying demand for housing.
https://lao.ca.gov/Publications/Report/3829

The 2026-27 Budget: California Competes Extension

Mar 18, 2026 - Of the $1.2  billion in awards made between 2021 and 2025, around $650  million, or over half, has been allocated to businesses in advanced manufacturing. This category covers subsectors such as electronics and semiconductors, aerospace, battery technology, and biotechnology.
https://lao.ca.gov/Publications/Report/5162

The 2026-27 Budget: CDTFA’s Cannabis and Tobacco Programs

Feb 23, 2026 - Actual spending on the Tobacco Licensing Program declined from $9.1  million in 2021 ‑22 to $6.9  million in 2024 ‑25, while actual spending on the Cannabis Tax Program grew from $8.4  million in 2021 ‑22 to $16.2  million in 2024 ‑25.
https://lao.ca.gov/Publications/Report/5132

Managing California’s Cash

Sep 3, 2019 - After a period of relative calm in the mid ‑ and late ‑1990s, California faced another series of years with acute budget problems following the dot ‑com bust and ensuing recession. Although the dot ‑com bust was relatively mild in economic terms, it hit the California budget —which is particularly reliant on the Bay Area ’s technology sector —especially hard.
https://lao.ca.gov/Publications/Report/4092

Fixing Unemployment Insurance

Dec 2, 2024 - As Figure  2 shows, the outstanding loan balance has remained essentially the same since late 2021. Under the federal loan repayment rules, employers now face escalating federal UI taxes that will be directed toward repaying the loan principal.
https://lao.ca.gov/Publications/Report/4943

The 2023-24 Budget: Multiyear Budget Outlook

May 23, 2023 - Across the budget window (2021 ‑22 through 2023 ‑24), our revenue projections are $11  billion lower than the administration ’s estimates. We discuss our economic and revenue outlook in greater detail here: The 2023‑24 Budget: May Revenue Outlook .
https://lao.ca.gov/Publications/Report/4772

Tax Credit Expansions in the American Rescue Plan

Apr 13, 2021 - Tax Credit Expansions in the American Rescue Plan COVID-19 Tax Credit Expansions in the American Rescue Plan The federal American Rescue Plan (ARP) that passed on March  11 expanded a number of federal income tax credits.
https://lao.ca.gov/Publications/Report/4410

The 2025-26 California Spending Plan: Other Provisions

Oct 16, 2025 - The budget package provides a blanket exemption for settlements related to any wildfire occurring between tax years 2021 and 2029. Previously, state law provided income tax exemptions for wildfire settlements on a case-by-case basis.
https://lao.ca.gov/Publications/Report/5081/

The 2023-24 Budget: California's Film Tax Credit

Feb 28, 2023 - TV received 70  percent of the credits, with 11  percent going to relocating TV shows. This contrasts with 55  percent under the first film tax credit program. Credit Claims Shifting to Sales Tax. Whereas most of the credits from the first program were claimed against corporation taxes, claims against the sales tax have increased in importance during the time of Program 2.0.
https://lao.ca.gov/Publications/Report/4713