The 2023-24 California Spending Plan: Proposition 98 and K-12 Education

Nov 28, 2023 - Trailer legislation extends the expenditure and encumbrance deadline for 2021-22 ELOP funds from June 30, 2023 to June 30, 2024. The expenditure and encumbrance deadline for 2022-23 ELOP funds remains June 30, 2024.
https://lao.ca.gov/Publications/Report/4818

The 2023-24 Budget: Initial Comments on the Governor's May Revision

May 15, 2023 - The main proposal in this area is a renewal and increase in a tax on health insurance plans known as the managed care organization (MCO) tax. Under the proposal, the tax would last from April 2023 through December 2026 and be used to maintain and augment support for Medi ‑Cal, the state ’s Medicaid program.
https://lao.ca.gov/Publications/Report/4769

U.S. Retail Sales Update: September 2023 [EconTax Blog]

Oct 17, 2023 - U.S. retail sales have grown 2.1 percent over the last 3 months and 3.8 percent over the last 12 months. Retail sales growth has well outpaced inflation over the last 3 months, but not over the last 12 months.
https://lao.ca.gov/LAOEconTax/Article/Detail/787

Social media platforms. [Ballot]

Feb 6, 2024 - Uncertain impact on state and local tax revenue that would depend primarily on how social media platforms respond to the measure. Subscribe | California State Legislature | Online Voter Registration | Privacy Policy | Accessibility Legislative Analyst's Office | The California Legislature's Nonpartisan Fiscal and Policy Advisor 925 L Street, Suite 1000 Sacramento, CA 95814 | (916) 445-4656 | information [at] lao.ca.gov
https://lao.ca.gov/BallotAnalysis/Initiative/2023-035

January 2021 State Tax Collections [EconTax Blog]

Feb 11, 2021 - Assuming no other changes in revenues or expenditures, the recent tax surge discussed in this post will increase this windfall at the time of the May Revision. The increase in the windfall, however, likely will be considerably less than $10.5 billion for several reasons: Golden State Stimulus Delay. $1.3 billion of the higher-than-expected collections in January
https://lao.ca.gov/LAOEconTax/Article/Detail/622

Cannabis Tax Revenue Update: November 2023 [EconTax Blog]

Nov 30, 2023 - Proposition 64 created two excise taxes on cannabis: a retail excise tax and a cultivation tax. Chapter 56, Statutes of 2022 (AB 195, Committee on Budget) eliminated the cultivation tax on July 1, 2022.
https://lao.ca.gov/LAOEconTax/article/Detail/790

Cannabis Tax Revenue Update: November 2023 [EconTax Blog]

Nov 30, 2023 - Proposition 64 created two excise taxes on cannabis: a retail excise tax and a cultivation tax. Chapter 56, Statutes of 2022 (AB 195, Committee on Budget) eliminated the cultivation tax on July 1, 2022.
https://lao.ca.gov/LAOEconTax/Article/Detail/790

The 2022-23 Budget: The Governor's Housing Plan

Feb 14, 2022 - Since 2019 ‑20 the budget has authorized consecutive $500  million one ‑time expansions of the state Low ‑Income Housing Tax Credit Program. This additional tax expenditure brings total credits to $1.5  billion across the past three years.
https://lao.ca.gov/Publications/Report/4535

Whether or Not to Tap Reserves to Solve Estimated Budget Problem Emerges as Key Fiscal Decision Facing California’s Legislature

Apr 19, 2023 - At the same time, we have estimated that revenues are much more likely to be sufficient to cover the state ’s baseline commitments —which are expenditures stripped of the one-time and temporary allocations.
https://lao.ca.gov/Publications/Report/4762

Cannabis and certain psychedelic drugs. [Ballot]

Dec 18, 2023 - Cannabis-Related Taxes. Adult use cannabis is subject to state and local sales taxes. Both adult use and medicinal cannabis are subject to a 15 percent state excise tax, which generated over half a billion dollars in revenue in 2022-23.
https://lao.ca.gov/BallotAnalysis/Initiative/2023-032