California Children’s Services (CCS) program. [Ballot]

Dec 12, 2023 - The state also could not support the measure ’s costs using money from a state tax on health insurance plans known as the managed care organization tax. Moreover, the measure prohibits the state from counting the new hospital grant program as a Medi-Cal payment —meaning that the state could not seek federal approval to use federal funds to help cover the cost.
https://lao.ca.gov/BallotAnalysis/Initiative/2023-029

The 2024-25 Budget: California's Fiscal Outlook

Dec 7, 2023 - The state also limited businesses from claiming more than $5  million in tax credits. The  state also has increased broad ‑based taxes on  a temporary and permanent basis in similar revenue downturns.
https://lao.ca.gov/Publications/Report/4819

The 2024-25 Budget: Medi-Cal Fiscal Outlook

Dec 7, 2023 - In addition, the 2023-24 budget package includes a number of reductions, delays, and other solutions intended to help balance General Fund revenues and expenditures. A few of these solutions are in Medi-Cal, including a renewed tax on health insurance plans (described below).
https://lao.ca.gov/Publications/Report/4820

The 2024-25 Budget: Medi-Cal Fiscal Outlook [Publication Details]

Dec 7, 2023 - This post provides our annual fiscal outlook for General Fund spending in Medi-Cal. It summarizes our projections, describes the major factors driving our projections, and highlights key uncertainties.
https://lao.ca.gov/Publications/Detail/4820

High-quality public schools. [Ballot]

Dec 6, 2023 - The remaining funding is from a combination of local property taxes and federal funding. State Law Regulates School Operations in Many Areas. For example, the law requires school district students to take standardized tests in several subjects, specifies the courses that students must complete to earn a high school diploma, and specifies the reasons a district may suspend or expel a student.
https://lao.ca.gov/BallotAnalysis/Initiative/2023-028

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 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 California Spending Plan: Child Care and State Preschool

Nov 17, 2023 - Additionally, DSS and CDE are required to provide point-in-time allocations and projected expenditure levels associated with the collectively bargained early education and parity agreement. (Refer to the Supplemental Report of the 2023‑24 Budget Act for more detail.)
https://lao.ca.gov/Publications/Report/4817

How Does Tech Company Equity Pay Affect Income Tax Withholding? [EconTax Blog]

Nov 16, 2023 - State income tax withholding at Nvidia more than doubled over the same period. What Effect Has Boost in Equity Withholding Had on State Tax Receipts This Year? Income tax withholding receipts for 2022-23 were about 3 percent lower than a year before.
https://lao.ca.gov/LAOEconTax/Article/Detail/789