News & Analysis as of

State and Local Government State Budgets California

Nossaman LLP

Proposition 4: California’s Historic $10 Billion Climate Investment and Path to Resilience

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In the November 2024 election, California voters approved Proposition 4 – the Climate Bond, authorizing the state to issue $10 billion in general obligation bonds to fund climate resilience and environmental conservation...more

Pillsbury Winthrop Shaw Pittman LLP

California Governor Releases 2025 Budget Proposal to Move Banks and Financial Corporations to Single-Sales-Factor Apportionment

The proposal includes a shift to a single-sales-factor apportionment for financial institutions, aiming to increase tax revenue starting in tax year 2025....more

McGuireWoods Consulting

California Legislative Update: Budget, Fires, Los Angeles

California’s Budget Proposal - On Jan. 10, 2024, Gov. Gavin Newsom released his 2025-2026 budget proposal. The budget proposes a total spending of $322.2 billion in state funds – it consists of approximately $228.9...more

Brownstein Hyatt Farber Schreck

California State Budget 2025-26

The governor’s 2025-26 budget proposal breaks the cycle of deficits past with a cautiously optimistic projection of a $322.2 million surplus. The source of this modest surplus, which comes as a great surprise to many still...more

McDermott Will & Schulte

New York State Budget Institutes Revenue-Neutral Health Plan Tax

The New York State fiscal year 2024 – 2025 budget was signed on April 20, 2024, instituting, among many other provisions, a new tax on health plans, including insurers and managed care organizations. This tax has been...more

McGuireWoods Consulting

California Update: State Legislature Passes its Version of the 2023-2024 Budget

The California State Legislature recently passed its version of the 2023-2024 State Budget on June 15th, meeting its constitutional deadline to do so. The $311.7 billion spending plan approves various key components of the...more

Nossaman LLP

Governor Newsom’s Infrastructure Package of Budget Trailer Bills Down But Not Out

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Last month, through the annual process known as the “May Revise,” California Governor Gavin Newsom released an update to the 2023-24 state budget proposal that he first introduced in January. The updated budget proposal sets...more

Nossaman LLP

CEQA Reform: Making Sense of California’s Budget Trailer Bill

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On June 12, 2023, each house of the California State Legislature released the proposed language of the Budget Act of 2023. The Legislature’s proposal excludes the California Environmental Quality Act (CEQA) and permit...more

Brownstein Hyatt Farber Schreck

CA Governor Releases State Budget Updates Amid $32 Billion Shortfall

On Friday, May 12, California Gov. Gavin Newsom held a press conference to present the May Revise to the 2023-24 state budget proposal. This budget updates the governor's January budget announcement by demonstrating a...more

Allen Matkins

California Environmental Law & Policy Update -1.13.23 - #2

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Governor Gavin Newsom on Tuesday unveiled a 2023 state budget proposal that includes significant cuts to climate investments due to an estimated budget gap of $22.5 billion for the 2023-2024 fiscal year....more

Nossaman LLP

The Impact of Governor Newsom’s Proposed Budget on Water Projects

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On January 10, 2023, Governor Gavin Newsom announced his $297 billion budget proposal for 2023-2024, which includes a $22.5 billion budget deficit. Despite environmental/climate change programs facing $6 billion in cuts,...more

Allen Matkins

Governor Proposes To Increase In DFPI Spending

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Yesterday, Governor Gavin Newsom met the constitutional deadline for submitting a proposed budget.  Cal. Const. Art. IV, § 12(a).  The release of the budget kicks of a prolonged legislative process.  In the next several...more

Perkins Coie

California Commits $15 Billion to Fighting Climate Change

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Governor Gavin Newsom signed a $15 billion legislative package on September 23, 2021, funding efforts to combat climate change in California over the next three years. It is the largest climate investment package in the...more

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