State Budget

19 Nov

State Budget

Surplus Could Reach $31 Billion, Triggering State’s Spending Limit, Legislative Analyst Projects

• August 8, 2023
• By CalTax

State revenue is increasing at historic rates and could result in a $31 billion dollar surplus to allocate in next year’s budget proces...

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29 Oct

State Budget

California’s Revenue Is Nearly $14 Billion Above Forecast

• August 8, 2023
• By CalTax

California’s general fund tax revenue is $13.9 billion above the forecast in the 2021-22 state budget, the Department of Finance (DOF) ...

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22 Oct

State Budget

Governor Projects ‘Historic Budget Surplus’ for Next Fiscal Year

• August 8, 2023
• By CalTax

The state government will have another “historic budget surplus” in the next fiscal year, Governor Gavin Newsom said October 20 durin...

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01 Oct

State Budget

Income Tax Withholding Collections in September Up 22.5 Percent From 2020

• August 8, 2023
• By CalTax

California’s revenue outlook continues to be very positive, the Legislative Analyst’s Office (LAO) reported, as personal income tax wit...

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24 Sep

State Budget

Revenue Windfall Continues, Could Reach $25 Billion

• August 8, 2023
• By CalTax

The state’s tax revenue windfall could reach $25 billion by the end of the current fiscal year, the Legislative Analyst’s Office stated...

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27 Aug

State Budget

Revenue Beats Projections by $1.5 Billion in First Month of New Fiscal Year

• August 8, 2023
• By CalTax

General fund tax revenue for July, the first month of the 2021-22 fiscal year, was $1.54 billion above the $8.38 billion forecast in th...

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04 Jun

State Budget

Democratic Legislative Leaders Unveil Joint Budget Proposal

• August 8, 2023
• By CalTax

Democratic legislative leaders announced June 1 that they have reached a budget agreement and will now negotiate with Governor Gavin Ne...

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30 Apr

State Budget

California’s Tax Revenue Is $16.7 Billion Above Projections

• August 8, 2023
• By CalTax

State revenue for the first nine months of the current fiscal year is $16.7 billion ahead of the projections in Governor Gavin Newsom’s...

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23 Apr

State Budget

State Spending Limit Is ‘Major Issue,’ Analyst Reports, Indicating Any New Tax Hikes Might Have to Be Refunded

• August 8, 2023
• By CalTax

California’s voter-approved state spending limit – which requires the state to return money to taxpayers and dedicate more money to sch...

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26 Feb

State Budget

Early-Action Budget Provisions Signed Into Law

• August 8, 2023
• By CalTax

Governor Gavin Newsom signed several budget bills February 23 after the Legislature fast-tracked measures that Newsom said are needed i...

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