May Budget Revise – California Globe

California’s Last-Minute Budget Maneuver: Retroactive Corporate Taxes on Foreign Dividends

June 14, 2024 2:45 amJune 14, 2024 7:28 am

Imagine if, after carefully planning your household budget based on existing tax rules, you received a letter from the state demanding back taxes for the last five years. That’s exactly what the newest version of the Assembly’s budget proposes for businesses...

Will the California Budget Include Temporary Tax Increases?

June 6, 2024 6:44 amJune 6, 2024 6:44 am

While the Governor and Legislature adopted similar proposals just four years ago at the outset of the pandemic, there are proposed significant, temporary tax increases on California’s business community in the budget proposals currently under consideration. The net operating loss...

Frequently Asked Questions about California’s Budget Process

December 22, 2023 2:30 amDecember 22, 2023 2:31 am

What are the main parts of the California state budget? They are the Budget Bill, Budget Bill Junior, Trailer Bills, and Supplemental Reports. What is the Budget Bill? This bill contains the appropriations and “Budget Bill Language”. Note that only...

California Education Budget: Graded F-

September 5, 2023 3:39 pmSeptember 5, 2023 3:39 pm

Kids – it is always about the children. Better schools, better programs, more safety, less discipline, less stress; take your pick and you have probably heard someone speak on its importance and their fight to fix the problem. Because, why...

Calif. Legislative Analyst ‘Calls Bull’ on Newsom Budget Projections

January 17, 2023 4:45 pmJanuary 19, 2023 4:22 pm

Last week, California Governor Gavin Newsom presented a $297 billion 2023-2024 budget plan on Tuesday, with a projected deficit of $22.5 billion. He shaved $3 billion off his last budget, in the face of a recession, and the $22.5 billion...

Should the California Minimum Wage Continue to Rise in this Pandemic?

May 26, 2020 2:13 amMay 25, 2020 9:28 pm

Under existing state law, California’s minimum wage will rise to $15 per hour by January 1, 2022 (or 2023 depending on the size of the employer). Each year since 2017, the amount of the minimum wage rises by $1 pursuant...

Overview of Gov. Newsom’s Retroactive ‘Revenue Raising Proposals’ in the May Budget Revise

May 24, 2020 4:01 pmMay 24, 2020 4:09 pm

As part of his May Budget Revision (the “May Revise”), Governor Newsom proposed several “revenue raising solutions.” The Governor’s Department of Finance has just released the proposed budget trailer bill language to implement this revenue raisers. The first proposal is...