The 2024-25 Budget: Governor's Office of Business and Economic Development

Feb 20, 2024 - We estimate the Governor ’s budget predicts the state ’s 2024-25 budget will need to address a $58 billion deficit . In December, our office predicted a somewhat large deficit of $68 billion . Since then, recent data has continued to point to the budget problem being larger than the Governor’s budget assumes.
https://lao.ca.gov/Publications/Report/4846

The 2022-23 Budget: Governor’s Office of Business and Economic Development Proposals

Feb 11, 2022 - Consequently, Visit California has increased its net assets from $20  million at the beginning of 2019 ‑20 to $58  million by the end of 2021 ‑22. Additional State Funding for Marketing Appears Unnecessary.
https://lao.ca.gov/Publications/Report/4529

California’s Low-Wage Workers and Minimum Wage

Mar 11, 2024 - To shed light on this issue, we next compare the statewide minimum wage to housing costs across California ’s 58 counties. Measuring Housing Affordability. To assess housing affordability for minimum-wage workers, we compare monthly earnings for full-time workers making the main minimum wage in each county to HUD ’s estimate of “fair market rent ” for housing in that county.
https://lao.ca.gov/Publications/Report/4878/3

The 2025-26 Budget: Governor’s Office of Business and Economic Development

Mar 18, 2025 - Proposal $17  Million General Fund for New Round of CA RISE Grants. In this proposal, CalOSBA requests $17  million General Fund to implement a new round of grants to ESEs. Of the total funding amount, they propose $15.2  million for grants up to $500,000 per organization, $1.5  million for program and economic outcome reporting, and $300,000 for administrative fees related to implementation.
https://lao.ca.gov/Publications/Report/5018

Fixing Unemployment Insurance

Dec 2, 2024 - During the phase ‑in period, the state also entered the dot ‑com recession. These two cost pressures absorbed the remaining flexibility in the state ’s UI tax system. As  shown in Figure  4 , the state began this period in Schedule C but quickly moved to Schedule F+, the highest tax schedule, where it has remained since.
https://lao.ca.gov/Publications/Report/4943

Evaluation of a Tax Exemption for Zero-Emission Buses

Apr 15, 2024 - In 2019, passenger fares and fees provided 17  percent of funding for these agencies. Forty-six percent came from other local revenues, while the state and federal governments provided 20  percent and 17  percent, respectively.
https://lao.ca.gov/Publications/Report/4890

Tax Credit Expansions in the American Rescue Plan

Apr 13, 2021 - Child Tax Credit Under prior law, the CTC provided filers with income below $200,000 ($400,000 for joint filers) a credit of up to $2,000 for every dependent from ages 0 to 16, and up to $500 for dependents 17 and older.
https://lao.ca.gov/Publications/Report/4410

The 2023-24 Budget: Multiyear Budget Outlook

May 23, 2023 - The operating deficits under our forecast are slightly larger —ranging from $14  billion to $20   billion —compared to those under the administration ’s forecast —ranging from $14  billion to $17  billion.
https://lao.ca.gov/Publications/Report/4772

The 2022-23 Budget: Federal Tax Conformity for Federal Business Assistance

Jan 26, 2022 - Chapter  39 of 2020 (A B  1577 , Burke) and Chapter  17 of 2021 (A B  80 , Burke) partially conformed state tax laws to the federal treatment of forgiven PPP loans and EIDL advance grants. Taxpayers that are publicly traded companies or did not have at least a 25  percent reduction in gross receipts are excluded from this provision.
https://lao.ca.gov/Publications/Report/4501

The 2023-24 Budget: California's Film Tax Credit

Feb 28, 2023 - The 2023-24 Budget: California's Film Tax Credit 17% for relocating TV series 8% for independent films Base: 20% of qualified spending. Base: 20% of qualified spending, plus additional: Base: 20% of qualified spending, plus additional: Independent films: 25% 5% of spending outside LA 5% of visual effects 5% to 10% of spending outside LA (up to 30% total) 5% of visual
https://lao.ca.gov/Publications/Report/4713