From the 12/16/16 edition of the Weekly State Tax Report:
During 2016, California has experienced some significant developments in tax law through ballot propositions, legislation, administrative guidance and judicial and administrative cases.
The Golden State annually increased tax revenue between 2008, when tax receipts were $95 billion, and the 2016-17 budget that included tax revenue projections at $121 billion. Some of this growth is attributable to economic recovery. Some of it is also due to tax increases, such as Proposition 30 passed in 2012. In spite of this increase, however, there continues to be no shortage of items vying for additional funding.
In November 2016, there were numerous tax increases on the ballot in the form of propositions. Thus, in spite of how “rich” the revenue may seem in comparison to recent years, there have still been a number of very interesting tax changes and increases in California this year.
Bradley R. Marsh and William H. Gorrod from Greenberg Traurig, LLP discuss California’s recent tax changes and their implications in this week’s BNA Insights article, available here (subscription required). Or sign up for a free trial to the Weekly State Tax Report.
Compiled by Lauren E. Colandreo
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