The state collected $7.49 billion in personal income tax revenue during the month of April – approximately $3.8 billion less than anticipated in Governor Gavin Newsom’s January budget proposal – according to the PIT revenue tracker maintained by the State Controller’s Office.
After a two-year appeals process that involved rehearing a petition for rehearing, the Office of Tax Appeals this week posted an opinion upholding the taxpayer’s unanimous victory in the Appeal of Starbuzz International Inc., relating to tobacco taxes.
Senate Democrats this week proposed increasing California’s corporate tax rate to 10.99 percent for income over $1.5 million, but the April 26 proposal was immediately dismissed by Governor Gavin Newsom’s office.
Property tax revenue increased 4 percent ($3.2 billion) statewide from 2021 to 2022, growing to $83.1 billion in local
property tax revenue that supports schools and local government, the State Board of Equalization reported April 18 with
the release of its 2021-22 Annual Report.
Lawmakers are considering a budget request from Governor Gavin Newsom to spend $402 million in general fund money in 2023-24 for a state office complex that will include a new headquarters for the California Department of Tax and Fee Administration.
For the first time in National Basketball Association history, all four California teams are in the playoffs at the same time – a situation that will generate a significant amount of extra tax revenue for the state and local governments.
The Office of Tax Appeals released 41 opinions April 3, including one marked pending precedential – a 3-0 decision upholding the Franchise Tax Board’s position in a dispute over the taxpayers’ gain from the sale of qualified small business stock (the Appeal of R. Nag and S. Rudd).
