Long-term Capacity for Debt Payments Under Proposition 2

Dec 21, 2017 - Provisions of Proposition  2 Key Provisions of Proposition  2. Proposition  2 requires the state to make: (1) minimum annual payments toward certain eligible debts (until 2029 ‑30) and (2) deposits into the state ’s rainy day fund.
https://lao.ca.gov/Publications/Report/3727

The 2022-23 Budget: Temporary Limits on Business Tax Provisions

Jan 26, 2022 - The administration estimates that the NOL suspension increased revenues by about $2  billion  in 2020 ‑21. Figure 1 NOLs Deducted by Selected Taxpayers 2019 Number of Returns With NOLs, Business Income >$1 Million Amount of NOLs Claimed (Billions) Personal Income Tax Returns
https://lao.ca.gov/Publications/Report/4500

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

Mar 18, 2025 - First, some firms lack tax liability in California due to ongoing and substantial use of other tax deductions and credits, most commonly the Research & Development Tax Credit and the Net Operating Loss deduction.
https://lao.ca.gov/Publications/Report/5018

The 2026-27 Budget: California Competes Extension

Mar 18, 2026 - To address this, the 2021, 2022, and 2023 budget acts each provided one-time funding of $120  million for a grant program to supplement the tax credit. The Governor ’s budget proposals in 2024 and 2025 each included $60  million to fund the grant program but were not included in the final budget act due to projected deficits in those years.
https://lao.ca.gov/Publications/Report/5162

Effect of Returning to Historical Estimated Tax Payment Schedule

Feb 27, 2023 - Specifically, the minimum funding requirement would go down by roughly $2  billion in 2023 ‑24 and remain the same amount in 2024 ‑25. The revenue shift also would have minor effects on Proposition  2 (2014) reserve requirements.
https://lao.ca.gov/Publications/Report/4722

The 2020-21 May Revision: Revenue Proposals in the 2020-21 May Revision

May 20, 2020 - In 2018, about 22,000 corporations —roughly 2  percent —had net income over $1  million. Not all of these had NOLs. The administration estimates that suspending NOLs would increase revenues in 2020 ‑21 by $1.8  billion.
https://lao.ca.gov/Publications/Report/4238

Evaluation of a Tax Exemption for Zero-Emission Buses

Apr 15, 2024 - The program awarded this funding to local agencies in the spring of 2023. Second, the program received $4  billion —$2  billion in 2023-24 and $1  billion planned for both 2024-25 and 2025- 26 —to provide on a formula basis to local agencies for capital and/or operational expenses.
https://lao.ca.gov/Publications/Report/4890

The 2020-21 Spending Plan: Tax Changes

Oct 5, 2020 - Overall, the budget package assumes these changes will result in a net revenue increase of about $4  billion in 2020 ‑21. Starting in 2023 ‑24, the net effect of these changes are expected to reduce revenues below what they otherwise would have been.
https://lao.ca.gov/Publications/Report/4270

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

Jan 13, 2020 - As shown in Figure  4, the operating surplus under the Governor ’s budget is roughly $ 400  m illion in 2023 ‑24. This assumes, however, that the suspensions take effect, reducing General Fund spending by $2. 2  b illion in that year.
https://lao.ca.gov/Publications/Report/4135

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

Feb 11, 2022 - Expand Export Training Network. $2  million, one time, to expand an existing program in the international affairs and trade unit of GO ‑Biz that helps business owners export their products to other countries.
https://lao.ca.gov/Publications/Report/4529