Posts by CalTax
Lawmaker Reintroduces Twice-Failed ‘Wealth Tax’ Proposal
Newsom’s Plan Cancels UI Fund Payments, Includes Targeted Tax Increases
Governor Gavin Newsom this week unveiled his budget for the 2023-24 fiscal year, proposing total spending of $297 billion from all funds, down from $307.9 billion in the budget enacted last summer.
Glenn County Courts at ‘Significant Risk of Inappropriate Use of Public Funds,’ Auditor Finds
Glenn County’s court system has “multiple weaknesses and a lack of safeguards” in its oversight of purchases and payments, “putting the court at significant risk of inappropriate use of public funds,” the state auditor reported January 12.
Taxpayer Waited Too Long, Can’t Get Refund of More Than $100,000 Seized by the FTB
In The Appeal of C. Hyatt, there appeared to be no dispute that the Franchise Tax Board seized more than $100,000 from the appellant’s bank accounts based on what turned out to be false claims that he owed taxes for the 2011, 2012, and 2013 tax years. The taxpayer can’t get the money back, however, because he waited too long to file a claim for refund, the OTA ruled.
California’s UI Fund Ended Year With $18.2 Billion Deficit
California’s Unemployment Insurance (UI) Fund ended 2022 with a deficit of approximately $18.2 billion and is projected to end 2023 with a $16.3 billion deficit, according to a new report from the Employment Development Department (EDD). The figures represent debt owed to the federal government, and the ongoing debt triggers employment tax increases for California employers.
Proposition 13 Protects Property Owners From 7 Percent Tax Hike in 2023
Property owners in California would face a property tax increase of more than 7 percent this year if not for the cap set by Proposition 13, according to information released December 23 by the State Board of Equalization.