Card Spending Update: September 2020 [EconTax Blog]

Oct 19, 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 September data.
https://lao.ca.gov/LAOEconTax/Article/Detail/566

State Wildfire Response Costs Estimated to Be Higher Than Budgeted

Oct 19, 2020 - To the extent that the state is in a poor fiscal condition in 2021 ‑22, these increased General Fund costs will mean that the Legislature and Governor have to find budget solutions elsewhere, such as through more budget reductions, tax increases, or special fund borrowing.
https://lao.ca.gov/Publications/Report/4285

Income Tax Withholding Tracker: October 12 - October 16 [EconTax Blog]

Oct 16, 2020 - Income Tax Withholding Tracker: October 12 - October 16 [EconTax Blog] Income Tax Withholding Tracker: October 12 - October 16 October 16, 2020 Brian Uhler Bottom Line:   California income tax withholding collections this week were 4 percent below the comparable week in 2019, although total withholding since late March remains 2.4 percent above the same period last year.
https://lao.ca.gov/LAOEconTax/Article/Detail/565

California New Car Sales: August 2020 [EconTax Blog]

Oct 16, 2020 - New vehicle registrations have rebounded from record lows in the spring, but remain below pre-recession levels.
https://lao.ca.gov/LAOEconTax/Article/Detail/563

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

Oct 16, 2020 - Strong U.S. retail sales growth continued in September. Total sales January-September 2020 were just 1% below the same period in 2019.
https://lao.ca.gov/LAOEconTax/Article/Detail/562

The 2020-21 Spending Plan: Higher Education

Oct 16, 2020 - Of the $8.4 billion, $5.1 billion is state General Fund and $3.3 billion is local property tax revenue. Anticipated year-over-year growth in property tax revenue (3.5 percent) is more than offset by a budgeted decline in state General Fund support (14.5 percent).
https://lao.ca.gov/Publications/Report/4284

The 2020-21 Spending Plan: Health Budget and Policy [Publication Details]

Oct 15, 2020 - These actions include the offsetting of what would otherwise be General Fund costs with (1) revenues from the federally approved reauthorized tax on managed care organizations and (2) federal Medicaid funds that are being provided to the state at an enhanced level during the term of the public health emergency.
https://lao.ca.gov/Publications/Detail/4281

The 2020-21 Spending Plan: Health Budget and Policy

Oct 15, 2020 - Provides Funding to Backfill Declines in County Realignment Revenues, Some of Which Could Fund County Behavioral Health Services . The spending plan includes $750  million from the General Fund in 2020 ‑21 to offset counties ’ declines in realignment sales tax revenues.
https://lao.ca.gov/Publications/Report/4281

Income Tax Withholding Tracker: October 5 - October 9 [EconTax Blog]

Oct 9, 2020 - Income Tax Withholding Tracker: October 5 - October 9 [EconTax Blog] Income Tax Withholding Tracker: October 5 - October 9 October 9, 2020 Brian Uhler Bottom Line:   California income tax withholding collections over the past two weeks were 9 percent above the comparable weeks in 2019, pushing total withholding since late March to 2.5 percent above the same period last year.
https://lao.ca.gov/LAOEconTax/Article/Detail/561

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