California Community Colleges—Managing Cash in a Time of State Payment Deferrals

Dec 18, 2020 - At the other end of the spectrum, nine districts received 85  p ercent or more of their apportionment funding from local property tax revenue. (In 2019 ‑20, seven of these nine districts were “excess tax ” districts, meaning their local property tax revenue exceeded the entire amount they were entitled to receive under the main community college funding formula.)
https://lao.ca.gov/Publications/Report/4307

November 2020 State Tax Collections [EconTax Blog]

Dec 16, 2020 - November 2020 State Tax Collections [EconTax Blog] Seth Kerstein November revenue collections from the state ’s three largest taxes —the personal income tax, corporation tax, and sales tax —were ahead of budget projections by $2.4 billion (33 percent).  
https://lao.ca.gov/LAOEconTax/Article/Detail/598

Card Spending Update: November 2020 [EconTax Blog]

Dec 16, 2020 - To do this, we use an index—a weighted average of different spending categories—designed to track movements in California’s sales tax base. In this post, we update the index to include November data and to incorporate data revisions for earlier months.
https://lao.ca.gov/LAOEconTax/Article/Detail/596

U.S. Retail Sales Update: November 2020 [EconTax Blog]

Dec 16, 2020 - U.S. retail sales declined by 1% in November, but total sales Jan.-Nov. 2020 were slightly higher than Jan.-Nov. 2019.
https://lao.ca.gov/LAOEconTax/Article/Detail/595

November 2020 Cap-and-Trade Auction Update [EconTax Blog]

Dec 4, 2020 - In addition, consistent with current law, an estimated $42 million will be transferred to the General Fund to backfill revenue losses from a 2017 expansion of a sales tax exemption for certain manufacturers.
https://lao.ca.gov/LAOEconTax/Article/Detail/588

With New Deficits Looming, California Will Weigh its Options for Allocating a Large Revenue Windfall

Dec 1, 2020 - Because this group accounts for a large portion of the state ’s tax revenues, tax collections proved to be somewhat insulated from the initial downturn. In fact, our revenue estimate for 2021 ‑22 now is very similar to what the Governor projected in his January 2020 (pre-pandemic) budget proposal.
https://lao.ca.gov/Publications/Report/4305

Cannabis Tax Revenue Update [EconTax Blog]

Nov 30, 2020 - 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/583

Income Tax Withholding Tracker: November 16 - November 20 [EconTax Blog]

Nov 20, 2020 - Income Tax Withholding Tracker: November 16 - November 20 [EconTax Blog] Income Tax Withholding Tracker: November 16 - November 20 November 20, 2020 Brian Uhler Bottom Line:   California income tax withholding collections this week were 1 percent above the comparable week in 2019.
https://lao.ca.gov/LAOEconTax/Article/Detail/584

2021-22 Fiscal Outlook Revenue Estimates [EconTax Blog]

Nov 18, 2020 - Below we provide further detail on our main forecasts for the state ’s “Big Three ” taxes —personal income, corporation, and sales taxes. Personal Income Tax PIT Revenue Should Exceed 2019-20 Levels For Next Few Years.
https://lao.ca.gov/LAOEconTax/Article/Detail/581

The 2021-22 Budget: California's Fiscal Outlook

Nov 18, 2020 - Recent Data on Tax Collections and Expenditures Consistent With Economic Picture. Recent data on actual tax collections and program caseloads have been consistent with a more positive economic picture, especially among high ‑income Californians.
https://lao.ca.gov/Publications/Report/4297