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

California’s Low-Wage Workers and Minimum Wage

Mar 11, 2024 - As shown in Figure  6, the 2024 statewide minimum wage is noticeably below half of the 2022-2023 full-time median wage. By this measure, the state ’s minimum wage is around where it was one decade ago.
https://lao.ca.gov/Publications/Report/4878/3

Fixing Unemployment Insurance

Dec 2, 2024 - These payroll taxes —the tax rate currently averages 3.5  percent on the worker ’s first $7,000  in annual wages, or about $250 per year for each worker —are paid into the state ’s UI trust fund. On  average, employers pay a total of $5  billion to $6  billion into the fund each year.
https://lao.ca.gov/Publications/Report/4943

The 2026-27 Budget: California Competes Extension

Mar 18, 2026 - Over 1,200 credit agreements have been approved by GO-Biz since the program ’s inception. Fiscal Effect of Program Is Variable. Figure  1 shows the value of credits claimed each year since the program ’s inception in 2014.
https://lao.ca.gov/Publications/Report/5162

The 2026-27 Budget: State Mandate—Disclosure Requirements and Deferral of Property Taxation

Feb 19, 2026 - Chapter  712 required property owners to request a deferment from the county within one year of receiving their first tax bill for the property, but before January 1, 2024. Additionally, Chapter  712 required Los Angeles County to print a disclosure on tax bills that provides a “brief summary ” of both the property tax relief under Proposition  19 and Chapter  712 ’s property tax deferment provisions.
https://lao.ca.gov/Publications/Report/5130

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

Feb 11, 2022 - The reduction in expenditures outpaced Visit California ’s decline in revenues. 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.
https://lao.ca.gov/Publications/Report/4529

The 2026-27 Budget: CDTFA’s Cannabis and Tobacco Programs

Feb 23, 2026 - This law will raise the annual license fee from $265 to $450 on July 1, 2026. It also authorized CDTFA to make further fee adjustments to cover program costs. Governor ’s Proposals The January Governor ’s budget includes three proposals for CDTFA ’s cannabis and tobacco programs: Cannabis Tax Compliance and Enforcement.
https://lao.ca.gov/Publications/Report/5132

The 2025-26 California Spending Plan: Other Provisions

Oct 16, 2025 - This is a decrease of $10  million  (6  percent) from the revised 2024-25 level. (This does not reflect some adjustments related to Control Sections 4.05 and 4.12 of the 2024-25 and 2025-26 budgets. Please see the “New and Ongoing Efforts to Achieve Efficiencies” section of our post for more information.)
https://lao.ca.gov/Publications/Report/5081

The 2025-26 Budget: California’s Film Tax Credit

Feb 28, 2025 - Figure  6 shows the amount of credits claimed by recipients over time. The annual amount of credit claims per year has settled in the range of $150  million to $200  million for the last several years.
https://lao.ca.gov/Publications/Report/5000

The 2025-26 Budget: Update on Implementation of New Firearm and Ammunition Tax

Feb 19, 2025 - The Governor ’s budget estimates such costs to be $1.2  million in 2024-25 and $978,000 in 2025-26. After the deduction of CDTFA costs, Chapter  231 requires monies be allocated pursuant to the priority order listed in Figure  1.
https://lao.ca.gov/Publications/Report/4970