Climate change. [Ballot]

Sep 1, 2023 - Third, should notable contractions occur in the oil and gas sector as a result of new regulations, this could have broader economic impacts and neg atively affect other state and local revenue sources such as income taxes or property taxes.
https://lao.ca.gov/BallotAnalysis/Initiative/2023-012

The 2023-24 Budget: May Revenue Outlook [EconTax Blog]

May 13, 2023 - The bulk of this decline is attributable to the personal income tax. For 2023-24, our forecast anticipates big three revenues will remain flat, with weakness shifting from the personal income tax to sales and corporation taxes.
https://lao.ca.gov/LAOEconTax/Article/Detail/774

The 2023-24 Budget: May Revenue Outlook [EconTax Blog]

May 13, 2023 - The bulk of this decline is attributable to the personal income tax. For 2023-24, our forecast anticipates big three revenues will remain flat, with weakness shifting from the personal income tax to sales and corporation taxes.
https://lao.ca.gov/LAOEconTax/article/Detail/774

U.S. Retail Sales Update: February 2023 [EconTax Blog]

Mar 15, 2023 - U.S. retail sales have grown 2 percent over the last 3 months and 5.4 percent over the last 12 months.
https://lao.ca.gov/LAOEconTax/Article/Detail/772

Psilocybin legalization. [Ballot]

Jun 29, 2023 - Potential Impact on State and Local Tax Revenues. The measure could result in some increase in tax revenue, as people selling psilocybin or providing related services could begin doing so legally under state law and therefore pay sales and personal income taxes.
https://lao.ca.gov/BallotAnalysis/Initiative/2023-004

Funding for students attending private schools. [Ballot]

Nov 2, 2023 - Districts pay off these bonds over time with revenue increases generated by increasing their property tax rates. The other sources of local revenue include donations, parcel taxes, interest earnings, and developer fees.
https://lao.ca.gov/BallotAnalysis/Initiative/2023-026

IRS Migration Data Shows Increased Movement in 2020 [EconTax Blog]

Aug 16, 2022 - The forgone state income tax collections associated with this net outmigration likely represent a bit over one percent of total s tate income tax revenues. This is about double the amount of forgone revenues associated with outmigration in 2019.
https://lao.ca.gov/LAOEconTax/Article/Detail/747

U.S. Retail Sales Update: January 2023 [EconTax Blog]

Feb 15, 2023 - U.S. retail sales have grown 6.4 percent over the last 12 months, but have been flat after accounting for inflation.
https://lao.ca.gov/LAOEconTax/Article/Detail/769

Cannabis Tax Revenue Update [EconTax Blog]

Feb 22, 2023 - Cannabis Tax Revenue Update [EconTax Blog] Seth Kerstein In November 2016, California voters approved Proposition 64 , which legalized the nonmedical use of cannabis. Proposition 64 created two excise taxes on cannabis: a retail excise tax and a cultivation tax.
https://lao.ca.gov/LAOEconTax/Article/Detail/770

The 2023-24 California Spending Plan: Higher Education

Oct 19, 2023 - Early Action Legislation Clarifies Tax Treatment of Certain Types of Financial Aid Awards. In a May early action budget decision, the state enacted Chapter  5 of 2023 (AB  111, Committee on Budget) related to how certain forms of financial aid are treated for state personal income tax purposes.
https://lao.ca.gov/Publications/Report/4809