Federal Assistance for Businesses Affected by COVID-19

Apr 3, 2020 - State and federal tax laws typically require taxpayers to report forgiven loan amounts as income. However, the PPP and Health Care Enhancement Act excluded forgiven PPP loans from income for federal tax purposes.
https://lao.ca.gov/Publications/Report/4215

The 2021-22 Spending Plan: Natural Resources and Environmental Protection

Oct 18, 2021 - Budget trailer legislation specifies that the state “consents ” to those previous city taxes but prohibits the state ’s share of revenues from being subject to any future local taxes, fees, or assessments without explicit statutory authorization.
https://lao.ca.gov/Publications/Report/4463

Main Types of Disaster Recovery Assistance

Jan 10, 2019 - Tax Relief Income Tax Relief. Under federal law , taxpayers can claim an itemized deductions for property losses that are not reimbursed by insurance and that stem from federally declared disasters. (Prior to 2018, unreimbursed disaster-related losses were generally deductible regardless of whether they were attributable to a federally declared disaster.)
https://lao.ca.gov/Publications/Report/3917

The 2022-23 Budget: Health Care Access and Affordability

Feb 23, 2022 - Advance Premium Tax Credit (APTC). The APTC —as structured under the ACA —offsets the cost of health insurance premiums for households with incomes between 100  percent and 400  percent of the FPL. This  tax credit effectively limits a household ’s net premium for a silver plan (after accounting for the tax credit) to between 2  percent and 10  percent of annual income.
https://lao.ca.gov/Publications/Report/4560

Funding for arts and music education in schools. [Ballot]

Dec 21, 2021 - Proposition  98 (1988) sets aside a minimum amount of state General Fund and local property tax revenue for public schools and community colleges. The size of this allotment depends on several factors, including the number of students attending public schools, growth in the state economy, and General Fund revenues.
https://lao.ca.gov/BallotAnalysis/Initiative/2021-036

The 2020-21 Budget: Analysis of the Medi-Cal Budget

Feb 14, 2020 - In this report, we provide high‑level background on the Medi‑Cal program and an overview of the major drivers of year‑over‑year spending changes in the Governor’s budget. We also discuss the administration’s recent submittal (late January 2020) of a modified managed care organization (MCO) tax proposal.
https://lao.ca.gov/Publications/Report/4161

The 2022-23 Budget: Wildfire Response Proposals

Jan 28, 2022 - If the Legislature were to reject any of these proposals, it would generally need to repurpose the associated funding for other SAL ‑related purposes, such as tax reductions or an alternative excluded expenditure.
https://lao.ca.gov/Publications/Report/4504

What Do Unanticipated Revenues Mean for the Surplus? [EconTax Blog]

Sep 20, 2021 - The formulas vary substantially based on the amount of personal income tax revenues attributable to capital gains that the state collects. These revenues can vary substantially from year to year, making it difficult to predict the impact on the formulas.
https://lao.ca.gov/LAOEconTax/Article/Detail/697

The 2019-20 Budget: California Spending Plan—Health and Human Services [Publication Details]

Oct 17, 2019 - Major health-related policy actions include the reauthorization of a tax on managed care organizations (which will reduce the above-noted General Fund health spending by $1 billion, pending federal approval) and over $400 million General Fund for state-funded subsidies for health insurance purchased on the individual market through Covered California.
https://lao.ca.gov/Publications/Detail/4104

The 2019-20 Budget: California Spending Plan—Judiciary and Criminal Justice

Oct 17, 2019 - The budget plan also assumes that BSCC will receive $26  million in cannabis tax revenue for competitive grants to local governments to assist with public health and safety programs related to cannabis.
https://lao.ca.gov/Publications/Report/4097