Cap-And-Trade Auction Update and GGRF Projections

Dec 6, 2021 - For example, the Legislature could use GGRF to provide lump sum rebates to households, reduce other state taxes (such as sales tax rates), or use the funds to reduce retail electricity rates. Importantly, each of these “revenue recycling” options could be structured in a way that maintains cap‑and‑trade’s incentive for households and businesses to reduce
https://lao.ca.gov/Publications/Report/4480

Biannual Report on Truck Deliveries [Publication Details]

Dec 1, 2021 - Chapter 226 of 2019 (AB 321, Patterson) created a sales and use tax exemption for certain truck deliveries. The law also directs our office to submit a biannual report measuring the number of truck deliveries affected by the new exemption. This post describes our attempts to fulfill this requirement.
https://lao.ca.gov/Publications/Detail/4479

Biannual Report on Truck Deliveries

Dec 1, 2021 - Biannual Report on Truck Deliveries December 1, 2021 Biannual Report on Truck Deliveries Law Exempts Certain Truck Purchases From Sales and Use Tax. Chapter  226 of 2019 (AB  321, Patterson) created a sales and use tax exemption for truck sales that meet all of the following criteria: The truck has an unladen weight of at least 6,000 pounds.
https://lao.ca.gov/Publications/Report/4479

Income Tax Withholding Tracker: November 1 - November 30 [EconTax Blog]

Nov 30, 2021 - Income Tax Withholding Tracker: November 1 - November 30 [EconTax Blog] Income Tax Withholding Tracker: November 1 - November 30 November 30, 2021 Brian Uhler Bottom Line:   California income tax withholding collections in November were 32.9 percent above November 2020, and collections to date in fiscal year 2021-22 are 22.7 percent above 2020-21.
https://lao.ca.gov/LAOEconTax/Article/Detail/719

Cannabis Tax Revenue Update [EconTax Blog]

Nov 30, 2021 - Cannabis Tax Revenue Update [EconTax Blog] Seth Kerstein In November 2016, California voters approved Proposition 64 , which legalized the nonmedical use of cannabis. The state levies two excise taxes on cannabis: a retail excise tax and a cultivation tax.
https://lao.ca.gov/LAOEconTax/Article/Detail/717

Housing affordability and property taxes. [Ballot]

Nov 29, 2021 - Background Property Taxes and Income Tax Credits   Local Governments Collect Property Taxes From Property Owners.  California local governments —cities, counties, schools, and special districts —levy property taxes on property owners.
https://lao.ca.gov/BallotAnalysis/Initiative/2021-032

Students’ right to a high-quality public education. [Ballot]

Nov 29, 2021 - Over 70  percent of the total funding for K-12 education comes from an allotment of state General Fund and local property tax revenue that the Constitution requires to be set aside for pub lic schools and community colleges.
https://lao.ca.gov/BallotAnalysis/Initiative/2021-033

Funding for various brownfield-related activities. [Ballot]

Nov 29, 2021 - This measure would allow the state to borrow up to $2.7  billion by selling additional general obligation bonds to investors, who would be repaid with interest using the state ’s general tax revenues.
https://lao.ca.gov/BallotAnalysis/Initiative/2021-034

The extraction and recovery of oil and gas, as well as fossil fuel consumption. [Ballot]

Nov 23, 2021 - Likely decrease in state tax and fee revenues over time that could reach several hundred million dollars annually, primarily from reduced state income tax and sales tax paid by oil and gas extraction businesses, their employees, and others with jobs induced by the oil and gas industry.
https://lao.ca.gov/BallotAnalysis/Initiative/2021-028

The 2021-22 Spending Plan: Human Services

Nov 22, 2021 - The state has funded the restoration of IHSS service hours with General Fund since 2016 ‑17 so long as the managed care organization (MCO) tax established in 2016 was in place. While the 2016 MCO tax expired at the end of 2018 ‑19, the 2019 ‑20 budget continued the use of General Fund to restore IHSS service hours, subject to potential suspension on December 31, 2021.
https://lao.ca.gov/Publications/Report/4476/4