We provide links to other states' and localities' tax agencies that administer their own EITCs.
Bills to create a state EITC in California have been introduced in the Legislature before. None have been enacted into law.
We provide information on some key resources concerning the federal earned income tax credit.
The federal EITC is a major tax program whose purpose, over time, has moved toward increasing the rewards for paid work and reducing poverty.
The Department of Finance's Finance Bulletin, today's version of which includes November 2014 revenue data, is the key report on state revenues each month.
The state government and local governments, respectively, rely on different tax revenue sources.
Over the past several decades, the personal income tax has replaced the sales tax as the main source of the state's General Fund revenue.
Proposition 2, passed by voters in November 2014, includes provisions intended to help manage state budget revenue volatility, principally by requiring certain state revenues to be deposited in budget reserves.
The state government's largest revenue source, the personal income tax, is much more volatile than "personal income," one key economic statistic that measures the overall size of the economy.
Most months, we will provide updates on California state tax revenue collections. These updates will come in several waves as information becomes available. In this post, we discuss November 2014 personal and corporate income tax collections.
In 2012, for perhaps the first time in state history, the top 1% of the state's tax filers paid slightly over half of the state's personal income taxes.