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The proposal includes a shift to a single-sales-factor apportionment formula for financial institutions, aiming to increase tax revenue starting in tax year 2025. Update: On May 14, 2025, Governor Newsom released the May...more
California Governor Newsom submitted his updated 2020-2021 budget proposal to the state legislature on May 14, 2020. The proposed budget amendments include substantial cuts to compensate for the anticipated impact to state...more
Senate Money Panel Passes Budget Bill - On a vote of 7-0, the Senate Appropriations Committee passed a $5.8 billion budget on Friday that closes a $72 million projected gap between revenues and expenditures in the 2018...more