Evaluation of the Property Tax Postponement Program

Oct 8, 2018 - Following the voters ’ approval of Proposition   13 i n 1976, the Legislature established PTP in statute in 1977. In the first year of operation, 1977 ‑78, nearly 13, 000 p eople applied for PTP. A year later, when voters passed Proposition   13 o f 1978, which limited taxes on property to 1  p ercent of its taxable value, participation declined sharply and about 8, 500 p eople applied.
https://lao.ca.gov/Publications/Report/3885

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

Mar 6, 2019 - The Legislature expanded the state EITC for tax year 2018 i n two ways. First, the income limits were raised from $22, 300 t o $24,950 for filers with dependents and from $15, 000 t o $16,750 for workers with no dependents.
https://lao.ca.gov/Publications/Report/3960

Managing California’s Cash

Sep 3, 2019 - Effect of S B   84 o n State ’s Cash Balances. Senate Bill 84 i nitially affected the state ’s cash position by lowering internal borrowable resources by $ 6  b illion relative to what they would have been otherwise.
https://lao.ca.gov/Publications/Report/4092

The 2025-26 Budget: CDTFA’s Tobacco Programs

Feb 14, 2025 - CDTFA runs three tobacco-focused programs: The Cigarette and Tobacco Tax Program administers a $2.87 per pack tax on combustible cigarettes and a 53  percent tax (adjusted annually) on the wholesale cost of other tobacco products, such as e-cigarettes, cigars, and chewing tobacco.
https://lao.ca.gov/Publications/Report/4966

The 2025-26 Budget: California’s Film Tax Credit

Feb 28, 2025 - California is the only state that has an explicit competitive element to its tax credit, as it ranks projects using a formula that weighs the wages that will be generated by a production versus the value of credits that will be allocated t o that project.
https://lao.ca.gov/Publications/Report/5000

The 2019-20 Budget: Tax Conformity

Mar 6, 2019 - These are ( 1)  l imits on noncorporate business losses, ( 2)  i ncreased flexibility for small business accounting, ( 3)  c hanges to like ‑kind exchanges, ( 4)  e liminating NOL carrybacks, and ( 5)  l imits on fringe benefit deductions.
https://lao.ca.gov/Publications/Report/3959

The 2021-22 Budget: Business Tax Incentives

Jan 28, 2021 - There were nearly 1, 600 i nitial public offerings in the United States in 2020, a 42  p ercent increase over 2019. With the stock market at all ‑time highs, many other corporations raised capital by selling additional shares of stock.
https://lao.ca.gov/Publications/Report/4327

Annual Report on Tax Exemptions for Medicinal Cannabis

Jul 1, 2021 - Chapter   837 o f 2019 (S B  34 , Wiener) established new tax exemptions for donations of medicinal cannabis. The law directs our office to submit an annual report containing dat a on three outcomes related to the exemptions: the number of medicinal cannabis patients served, the amount of medicinal cannabis products donated, and the amount of tax revenue lost.
https://lao.ca.gov/Publications/Report/4447

Building Reserves to Prepare for a Recession

Mar 7, 2018 - The Governor may call a budget emergency in two cases: ( 1)  i f estimated resources in the current or upcoming fiscal year are insufficient to keep spending at the level of the highest of the prior three budgets, adjusted for inflation and population (a “fiscal budget emergency ”) or ( 2)  i n response to a natural or man ‑made disaster.
https://lao.ca.gov/Publications/Report/3769

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

Apr 4, 2018 - The administration notified the Legislature it was making such a transfer of $2. 2  m illion in February, bringing OTA ’s total budget for 2017 ‑ 18 t o more than $ 7  m illion. New Laws Directed OTA to Hear Appeals in Three Offices.
https://lao.ca.gov/Publications/Report/3796