Strong Tax Collections Belie California's Challenging Fiscal Outlook

Apr 26, 2022 - Strong Tax Collections Belie California's Challenging Fiscal Outlook Strong Tax Collections Belie California 's Challenging Fiscal Outlook April 26, 2022 Tweet Gabriel PetekLegislative Analyst Given the persistent strength in state tax collections, it may come as a surprise that California ’s General Fund likely faces a budget problem in the coming years.
https://lao.ca.gov/Publications/Report/4590

The 2022-23 Budget: State Appropriations Limit Implications

Mar 30, 2022 - Reduce Taxes on an Ongoing Basis. The first long ‑term alternative for the Legislature is to reduce taxes so that they no longer are growing faster than the limit. Under this alternative, tax revenues and associated spending could still grow, but they could not grow faster than the limit itself.
https://lao.ca.gov/Publications/Report/4583

The Definition of Qualified Capital Outlay for the State Appropriations Limit

Feb 18, 2022 - Appropriations subject to the limit are calculated by taking proceeds of taxes and reducing them by excluded spending. Statutory Definition of Qualified Capital Outlay. One important SAL exclusion is qualified capital outlay.
https://lao.ca.gov/Publications/Report/4547

The 2022-23 Budget: Initial Comments on the State Appropriations Limit Proposal

Feb 4, 2022 - This alternative can include one, or any combination, of  the following: Lower Tax Revenues. In order to reduce tax revenues for tax year 2021, the Legislature most likely would need to act very soon, but the state also could lower revenues for 2022 in the coming months.
https://lao.ca.gov/Publications/Report/4515

The 2022-23 Budget: Overview of the Governor's Budget

Jan 13, 2022 - Taxes Business Tax Reductions Lifts Temporary Limits on Business Tax Provisions. The Governor ’s budget proposes to end, one year early, temporary limits on the ability of businesses to use NOL deductions and tax credits to reduce their tax payments.
https://lao.ca.gov/Publications/Report/4492

The 2022-23 Budget: California’s Fiscal Outlook

Nov 17, 2021 - For a number of years, the state has imposed a tax on managed care organizations’ (MCOs’) Medi‑Cal and commercial lines of business. We assume the state’s MCO tax expires midway through 2022‑23, consistent with current law.
https://lao.ca.gov/Publications/Report/4472

The 2022-23 Budget: Fiscal Outlook for Schools and Community Colleges

Nov 17, 2021 - The Legislature can respond to excess revenues by (1)  lowering tax revenues, (2) splitting the excess between taxpayer rebates and one ‑time payments to school and community college districts, or (3) appropriating more money for purposes excluded from the limit.
https://lao.ca.gov/Publications/Report/4473

The 2022-23 Budget: Medi-Cal Fiscal Outlook

Nov 17, 2021 - Assumed Expiration of the MCO Tax Reauthorization of the MCO Tax Would Generate Billions of Dollars in General Fund Savings Beginning in 2023 ‑24. The MCO tax generates annual General Fund savings in Medi ‑Cal of $1.5 billion or more for each year it is in effect.
https://lao.ca.gov/Publications/Report/4474

The 2021-22 Budget: Overview of the Spending Plan (Final Version)

Oct 27, 2021 - CWDB = California Workforce Development Board; CDE = California Department of Education; COLA = cost ‑of ‑living adjustment; GF = General Fund; CDFA = California Department of Food and Agriculture; CDTFA = California Department of Tax and Fee Administration; CTC = Commission on Teacher Credentialing; DCC = Department of Cannabis Control; DFPI = Department of Financial Protection
https://lao.ca.gov/Publications/Report/4448/1

The 2021-22 Spending Plan: Other Provisions

Sep 23, 2021 - Still, in any given year, the amount of revenue the entity tax generates should exceed the amount of entity tax credits used by PIT filers. Entity Tax Will Sunset in 2026 if Not Sooner. As stated above, the entity tax will be in effect from calendar years 2021 to 2025.
https://lao.ca.gov/Publications/Report/4452