The 2020-21 Spending Plan: Housing and Homelessness

Oct 8, 2020 - Maintains $500  Million Increase for Expanded Low-Income Housing Tax Credit. The budget authorizes the award of $500  million for the state ’s low-income housing tax credit program, which provides tax credits to builders of rental housing affordable to low-income households.
https://lao.ca.gov/Publications/Report/4278

The 2020-21 Spending Plan — Other Provisions

Oct 7, 2020 - Statutory Changes to Temporarily Change Process for Adjusting Cannabis Tax Rates. The California Department of Tax and Fee Administration (CDTFA) makes periodic, statutorily required adjustments to the rates for the state ’s two cannabis taxes: the retail excise tax and the cultivation tax.
https://lao.ca.gov/Publications/Report/4277

The 2020-21 Budget: Overview of the California Spending Plan (Final Version)

Oct 5, 2020 - First, the federal government approved the state ’s recently reauthorized managed care organization (MCO) tax for the period of January 1, 2020 t hrough June 30, 2023. Revenues from the new MCO tax offset about $1. 7  b illion in General Fund spending in Medi ‑Cal in 2020 ‑21.
https://lao.ca.gov/Publications/Report/4263

The 2020-21 Spending Plan: Transportation

Oct 5, 2020 - In particular, reductions in diesel sales tax revenues have reduced funding that supports STA. Gasoline excise taxes are also expected to be lower in 2020 ‑21 than previously predicted. However, Caltrans is able to maintain funding for its programs supported by these revenue sources because it has built up sufficient fund balances.
https://lao.ca.gov/Publications/Report/4272

The 2020-21 Spending Plan: Tax Changes

Oct 5, 2020 - Earned Income Tax Credit Expands Eligibility for California Earned Income Tax Credit (EITC). The California EITC is a personal income tax credit that is intended to reduce poverty by increasing the after-tax income of California ’s poorest working households.
https://lao.ca.gov/Publications/Report/4270

The 2020-21 Spending Plan: Labor and Employment Issues

Oct 5, 2020 - The department requested resources for AB  5 because its payroll tax auditors must determine if a worker is an independent contractor or an employee. Funds will be used to train auditors to apply the new test and hire auditors to prepare audits for additional employer appeals that are expected as a result of the law.
https://lao.ca.gov/Publications/Report/4274

The 2020-21 Spending Plan: Tax Changes [Publication Details]

Oct 5, 2020 - The 2020-21 Spending Plan: Tax Changes [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/4270

The 2020-21 Spending Plan: Resources and Environmental Protection

Oct 5, 2020 - Consistent with existing state law, the budget allocates (1) $79  million to backfill state revenue losses from  expanding a manufacturing sales tax exemption and (2)  $42  million to backfill revenue losses from suspending a fire prevention fee that was previously imposed on landowners in State Responsibility Areas (known as the SRA fee).
https://lao.ca.gov/Publications/Report/4275

Income Tax Withholding Tracker: September 28 - October 2 [EconTax Blog]

Oct 2, 2020 - Income Tax Withholding Tracker: September 28 - October 2 [EconTax Blog] Income Tax Withholding Tracker: September 28 - October 2 October 2, 2020 Brian Uhler Bottom Line:   California income tax withholding collections this week were 27 percent below the comparable week in 2019, but this may reflect a timing issue.
https://lao.ca.gov/LAOEconTax/Article/Detail/556

Income Tax Withholding Tracker: September 21 - September 25 [EconTax Blog]

Sep 25, 2020 - Income Tax Withholding Tracker: September 21 - September 25 [EconTax Blog] Income Tax Withholding Tracker: September 21 - September 25 September 25, 2020 Brian Uhler Bottom Line:   California income tax withholding surged this week, as collections were 40 percent above the comparable week in 2019.
https://lao.ca.gov/LAOEconTax/Article/Detail/554