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With weaker revenues than expected, Gov. Gavin Newsom wants to declare a budget emergency and ask California lawmakers to dip into the state's reserves. How Newsom plans to fix California's ...
Now with California facing a deficit, he wants to suspend and cap the tax breaks again for the 2025, 2026 and 2027 tax years, with the ability to restore the credits if revenues turnaround.
An LAO analysis of the governor’s budget said the administration had actually filled a potential gap of $58 billion, meaning the two estimates were about $10 billion apart. Then, on Tuesday, the ...
Lawmakers are “clearing the decks” of easier budget ideas as a projected deficit of up to $73 billion looms. California lawmakers approve $17 billion in budget fixes. How they would impact the ...
California is facing a record $68 billion budget deficit, state officials announced Thursday, forcing hard choices for Democratic Gov. Gavin Newsom in his final term as he works to build his ...
The tug-of-war between California Gov. Gavin Newsom and the nonpartisan Legislative Analyst’s Office over the state’s projected budget deficit took a new turn Tuesday, when the LAO announced a ...
News reports and commentators have cited the state's various legislative supermajority requirements as a contributing factor to the state budget crisis. [23] [24] The state has a long history of supermajority requirements with a 1933 state ballot measure mandating a two-thirds supermajority to pass the state budget and California Proposition 13 (1978) mandating another two-thirds supermajority ...
A report the Legislative Analyst’s Office released on Thursday showed a tax revenue shortfall has created a “serious budget deficit” for the 2024-2025 fiscal year. California’s projected ...