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

Mar 23, 2020 - The 2020-21 Budget: Expanding the Minimum Franchise Tax Exemption $994 $9,990 a “Pass through ” means that the business is not directly taxed under federal law. The business income instead passes through to the owner (or owners) of the business who pay personal income tax (PIT) on their business income. b These amounts do not include any
https://lao.ca.gov/Publications/Report/4207

The 2020-21 Budget: Expanding the Minimum Franchise Tax Exemption [Publication Details]

Mar 23, 2020 - The 2020-21 Budget: Expanding the Minimum Franchise Tax Exemption [Publication Details] Translate Our Website This Google ™ translation feature provided on the Legislative Analyst's Office (LAO) website is for informational purposes only.
https://lao.ca.gov/Publications/Detail/4207

U.S. Retail Sales Update: January 2022 [EconTax Blog]

Feb 16, 2022 - U.S. retail sales (seasonally adjusted) grew 3.8 percent from December to January. Retail sales have been elevated after growing dramatically in early 2021, but inflation has offset most of the past year’s apparent “growth.”
https://lao.ca.gov/LAOEconTax/Article/Detail/724

Landfills. [Ballot]

Aug 22, 2023 - Specifically, the measure allocates these revenues in the following ways: (1)  50  percent is retained by the owner of the garbage truck or dumpster for the purpose of purchasing electric garbage trucks and supporting related expenses; (2)  30  percent is provided to local governments to offset compliance costs, support road maintenance, and reduce waste-related taxes and fees
https://lao.ca.gov/BallotAnalysis/Initiative/2023-006

The 2022-23 Budget: May Revenue Outlook [EconTax Blog]

May 16, 2022 - While the net effect of these elective payments on state tax revenues is relatively minor, timing issues related to the elective tax result in year-to-year fluctuations in tax collections. The elective tax collections in each fiscal year span two tax years.
https://lao.ca.gov/LAOEconTax/Article/Detail/735

Voluntary Contribution Tax "Check-Offs" [EconTax Blog]

Mar 4, 2020 - Voluntary Contribution Tax "Check-Offs" [EconTax Blog] Brian Weatherford Taxpayers May Donate to Charities When Paying Income Tax. State taxpayers may voluntarily contribute to one or more charitable funds and programs when they file their personal income tax returns.
https://lao.ca.gov/LAOEconTax/Article/Detail/439

February 2019 State Tax Collections [EconTax Blog]

Mar 11, 2019 - February 2019 State Tax Collections [EconTax Blog] Carolyn Chu February Revenues Roughly on Track. Overall, February collections for the state ’s three largest sources of revenue —the personal income tax (PIT), sales tax, and corporation tax —were $117 million ahead of the administration ’s January projections.
https://lao.ca.gov/LAOEconTax/Article/Detail/351

Mental Health Services Act: Proposed Bond to Fund Behavioral Health Facilities and Veterans Housing

Aug 17, 2023 - These sources include (1)  dedicated vehicle license fee and sales tax revenue streams known as “realignment ” funds, (2)  revenues from the Mental Health Services Fund (MHSF) —established by the MHSA and funded through a 1  percent tax on incomes over $1  million, and (3)  federal funding accessed through Medi-Cal.
https://lao.ca.gov/Publications/Report/4790

December 2018 and January 2019 State Tax Collections [EconTax Blog]

Feb 6, 2019 - State and Local Tax (SALT) Deduction Created Incentive to Pay State Taxes by the End of the Year. Prior to 2018, all state and local tax payments could be deducted on federal tax returns. This tax deduction created an incentive for filers to pay their state taxes before the end of the calendar year.
https://lao.ca.gov/LAOEconTax/Article/Detail/345

U.S. Retail Sales Update: December 2021 [EconTax Blog]

Jan 14, 2022 - U.S. retail sales (seasonally adjusted) dropped 1.9 percent from November to December. Nonetheless, sales remained 17 percent above last December.
https://lao.ca.gov/LAOEconTax/Article/Detail/721