Income Tax Withholding Tracker: April 27-May 1 [EconTax Blog]

May 1, 2020 - Income Tax Withholding Tracker: April 27-May 1 [EconTax Blog] Income Tax Withholding Tracker: April 27-May 1 May 1, 2020 Brian Uhler Bottom Line: Income tax withholding this week was nearly 30 percent below the comparable week last year, the steepest dropoff of any week since the pandemic started.  
https://lao.ca.gov/LAOEconTax/Article/Detail/460

An Update on California’s Cash Management Situation

Aug 31, 2020 - Agency Cash Versus Controller ’s Cash The state ’s main tax revenue agencies (namely, the Franchise Tax Board and the California Department of Tax and Fee Administration) collect tax payments and then transmit those payments to the State Controller ’s Office.
https://lao.ca.gov/Publications/Report/4266

Proposed statutory initiative related to the cultivation, sale, and use of cannabis. [Ballot]

Oct 8, 2019 - Reduction in State and Local Tax Revenues Due to Limits on Taxes. The measure would result in lower state and local tax revenues, likely in the mid-to-high hundreds of millions of dollars annually. This net reduction in tax revenue is driven prim arily by two factors.
https://lao.ca.gov/BallotAnalysis/Initiative/2019-010

Proposed statutory initiative related to the cultivation, sale, and use of cannabis. [Ballot]

Oct 8, 2019 - Reduction in State and Local Tax Revenues Due to Limits on Taxes. The measure would result in lower state and local tax revenues, likely in the mid-to-high hundreds of millions of dollars annually. This net reduction in tax revenue is driven prim arily by two factors.
https://lao.ca.gov/BallotAnalysis/Initiative/2019-011

Proposition 25 [Ballot]

Nov 3, 2020 - Impact on State and Local Tax Revenues. This proposition would impact both state and local tax revenues. On the one hand, it would reduce state and local tax revenues. For example, insurance companies would no longer pay taxes on bail bond fees.
https://lao.ca.gov/BallotAnalysis/Proposition?number=25&year=2020

The 2023-24 Budget: Crafting Climate, Resources, and Environmental Budget Solutions

Feb 22, 2023 - For instance, Californians who do not file taxes—including some lower‑income households—cannot benefit from the tax credits provided through the federal ZEV incentive program, but are eligible for rebates from the state’s program.
https://lao.ca.gov/Publications/Report/4692

Cannabis Tax Revenue Update [EconTax Blog]

Feb 20, 2019 - 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/347

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 2021-22 Budget: Overview of the Governor's Budget

Jan 10, 2021 - Tax Reductions and Business Assistance Tax Refunds to Low-Income Californians. The Governor ’s budget proposes a one ‑time $600 tax refund to taxpayers who received the California Earned Income Tax Credit (EITC) for 2019 and taxpayers using an Individual Taxpayer Identification Number (ITIN) who will receive the EITC for 2020.
https://lao.ca.gov/Publications/Report/4309

The 2020-21 Budget: Initial Comments on the Governor’s May Revision

May 17, 2020 - Tax credits reduce a business ’s tax bill directly, on a dollar ‑for ‑dollar basis. The largest business tax credit is the research and development credit. In addition, the administration proposes two actions to increase sales tax compliance on used car purchases; however, they do not count these as budget solutions.
https://lao.ca.gov/Publications/Report/4232