The 2024-25 Budget: Overview of the Spending Plan

Sep 6, 2024 - Health Changes to MCO Tax Package. Last year ’s budget renewed a tax on health plan enrollment known as the MCO tax. It extended this tax through 2026. The net revenue generated by the tax was to (1)  help offset General Fund spending in Medi ‑Cal and (2)  augment funding for Medi ‑Cal and other health programs.
https://lao.ca.gov/Publications/Report/4922

Cannabis Tax Revenue Update (2024 Q2) [EconTax Blog]

Sep 4, 2024 - Proposition 64 created two excise taxes on cannabis: a retail excise tax and a cultivation tax. Chapter 56, Statutes of 2022 (AB 195, Committee on Budget) eliminated the cultivation tax on July 1, 2022.
https://lao.ca.gov/LAOEconTax/Article/Detail/812

Cannabis Tax Revenue Update (2024 Q2) [EconTax Blog]

Sep 4, 2024 - Proposition 64 created two excise taxes on cannabis: a retail excise tax and a cultivation tax. Chapter 56, Statutes of 2022 (AB 195, Committee on Budget) eliminated the cultivation tax on July 1, 2022.
https://lao.ca.gov/LAOEconTax/article/Detail/812

U.S. Retail Sales Update: July 2024 [EconTax Blog]

Aug 16, 2024 - U.S. retail sales have grown 1 percent over the last 3 months and 2.7 percent over the last 12 months. Retail sales growth has outpaced inflation over the last 3 months, but not over the last 12 months.
https://lao.ca.gov/LAOEconTax/article/Detail/811

U.S. Retail Sales Update: July 2024 [EconTax Blog]

Aug 16, 2024 - U.S. retail sales have grown 1 percent over the last 3 months and 2.7 percent over the last 12 months. Retail sales growth has outpaced inflation over the last 3 months, but not over the last 12 months.
https://lao.ca.gov/LAOEconTax/Article/Detail/811

MOU Fiscal Analysis: Bargaining Unit 10 (Professional Scientific)

Aug 14, 2024 - This pay differential would not be considered compensation for the purposes of retirement contributions bu t would be subject to Social Security and Medicare taxes. Bilingual Pay Differential. The employing agency may designate Unit 10 positions as eligible to receive bilingual pay.
https://lao.ca.gov/Publications/Report/4918

IRS Data Show Pandemic Uptick in Outmigration Continues [EconTax Blog]

Jul 31, 2024 - Since then, more middle- and higher-income households have moved to other states, meaning the effect on state revenue has been greater because these tax filers tend to make larger income tax payments.
https://lao.ca.gov/LAOEconTax/Article/Detail/809

IRS Data Show Pandemic Uptick in Outmigration Continues [EconTax Blog]

Jul 31, 2024 - Since then, more middle- and higher-income households have moved to other states, meaning the effect on state revenue has been greater because these tax filers tend to make larger income tax payments.
https://lao.ca.gov/LAOEconTax/article/Detail/809

Changes in University of California General Fund Spending [EdBudget]

Jul 25, 2024 - It is to backfill these slots with the same number of additional resident undergraduate students. b The budget eliminates the General Fund backfill previously provided in response to declines in Proposition 56 tobacco tax revenues.
https://lao.ca.gov/Education/EdBudget/Details/877

U.S. Retail Sales Update: June 2024 [EconTax Blog]

Jul 16, 2024 - U.S. retail sales have grown 0.1 percent over the last 3 months and 2.3 percent over the last 12 months. Over both periods, sales have grown more slowly than inflation.
https://lao.ca.gov/LAOEconTax/article/Detail/808