The 2019-20 Budget: Overview of the Governor's Budget

Jan 14, 2019 - Additionally, the Governor ’s budget includes a total of $ 500  m illion for improvements to early education ($ 245  m illion for facilities, $ 245  m illion for the child care workforce, and $ 10  m illion for a comprehensive plan to improve access and quality).
https://lao.ca.gov/Publications/Report/3916

The 2021-22 Budget: Business Tax Incentives

Jan 28, 2021 - The Governor proposes to increase the total amount of California Competes credits that GO ‑Biz may award in 2020 ‑21 and 2021 ‑ 22 b y $ 90  m illion per year. The administration estimates that the resulting reductions in General Fund revenue would be $ 10  m illion in 2021 ‑22, $ 35  m illion in 2022 ‑23, $ 50  m illion in 2023 ‑24, and $ 85  m illion in later years.
https://lao.ca.gov/Publications/Report/4327

The 2018-19 Budget: California’s New Tax Departments

Apr 4, 2018 - The administration ’s 2018 ‑ 19 b udget proposal includes $ 30  m illion for BOE, $ 664  m illion for CDTFA, and $ 20  m illion for OTA. The Department of Finance has been reviewing some key components of these budgets and will report its findings to the Legislature this spring.
https://lao.ca.gov/Publications/Report/3796

Assessing Recent Changes to California Competes

Mar 30, 2020 - Through tax year 2018, taxpayers have claimed a total of $125. 1  m illion in credits. Figure  1  shows how the amount of credits claimed has grown over time. About $ 57  m illion in credits were claimed in 2018 —$ 45  m illion in CT and $ 12  m illion in PIT.
https://lao.ca.gov/Publications/Report/4213

The 2020-21 Budget: Overview of the Governor's Budget

Jan 13, 2020 - The Governor ’s budget includes $ 695  m illion total funds ($347. 5  m illion General Fund) to implement key components of the proposal for a half year in 2020 ‑21, increasing to $1. 4  b illion total funds ($ 695  m illion General Fund) in 2021 ‑22.
https://lao.ca.gov/Publications/Report/4135

The 2020-21 Budget: Expanding the Minimum Franchise Tax Exemption

Mar 23, 2020 - The budget assumes the Governor ’s proposal would have reduced General Fund revenues by $ 50  m illion in 2020 ‑21 and $ 100  m illion in 2021 ‑22 and out ‑years. Ending the exemption for corporations would increase General Fund revenues by more than $ 60  m illion.
https://lao.ca.gov/Publications/Report/4207

The 2019-20 Budget: Analysis of Proposed Earned Income Tax Credit Expansion

Mar 6, 2019 - We estimate that roughly 1. 2  m illion workers receiving the EITC in 2017 were below the poverty line and 420,000 were in deep poverty. (Roughly 5. 2  m illion Californians overall are in poverty and 2. 5  m illion are in deep poverty.
https://lao.ca.gov/Publications/Report/3960

The 2020-21 Budget: Taxation of E-Cigarettes

Feb 24, 2020 - We anticipate a budget proposal to cover this one ‑time cost —likely in the range of $ 6  m illion to $ 8  m illion —later this spring. Stamps Could Aid Enforcement, But Cost and Feasibility Unclear. $ 8  m illion of the Governor ’s $ 10  m illion tax administration proposal would be for a stamp contract.
https://lao.ca.gov/Publications/Report/4171

The 2019-20 Budget: Tax Conformity

Mar 6, 2019 - The 2017 c hanges to federal tax laws extend this accounting flexibility to most businesses with gross receipts of less than $ 25  m illion. Previously there were various lower gross revenue thresholds ranging from $ 5  m illion to $ 10  m illion.
https://lao.ca.gov/Publications/Report/3959

The 2018-19 Budget: California Hiring Tax Credits

Mar 15, 2018 - When the existing credit was first proposed, the administration estimated that taxpayers would claim $ 22  m illion in the 2014 t ax year and $ 69  m illion in the 2015 t ax year. These estimates were much too high.
https://lao.ca.gov/Publications/Report/3784