CalTax

Newsom’s tax hikes on CA businesses will hurt every industry and cause higher costs for all consumers. The tax increases also will decimate the state’s innovation economy, ending California’s status as a leader in research, development, and the future of the AI economy ...

We commend Gov. Newsom's comments on the importance of research and development, but his budget severely restricts the R&D credit, raising taxes on California businesses engaged in this important field.

Governor Gavin Newsom is scheduled to release the May revision of his 2026-27 state budget on Thursday morning. The unveiling is slated to begin at 10:30 a.m. (Pacific) and will be livestreamed here: x.com/CAgovernor

Legislative analyst: "Our updated forecast of revenues from the state’s three largest taxes (income, corporation, and sales) shows a $25 billion upgrade over the Governor’s Budget across the budget window (prior year to budget year.)" lao.ca.gov/LAOEconTax/Art…

The current gasoline excise tax rate is 61.2 cents per gallon, and the diesel fuel excise tax rate is 46.6 cents per gallon. cdtfa.ca.gov/formspubs/L978…

The prepayment rate increases, effective July 1 (per gallon): Gas, 7.5 cents to 8 cents Diesel, 38.5 cents to 42.5 cents Jet fuel, 12.5 cents to 14.5 cents cdtfa.ca.gov/formspubs/pub8…

The @CDTFA has increased the sales tax prepayment rates for gas, diesel & aircraft jet fuel (CA requires wholesalers and suppliers to prepay sales tax on these fuels). The annual increases in the excise taxes that consumers pay will be announced later. cdtfa.ca.gov/formspubs/L102…

Opinion: Billionaire tax would hurt California's nonprofits - Sacramento Business Journal bizjournals.com/sacramento/new… via @Sacbiz

In this episode of GT's GeTtin’ SALTy podcast, host Nikki Dobay is joined by Peter Blocker & Alan Pasetsky for a discussion of CA Assembly Bill 1790 — a measure that would repeal CA Water’s Edge election for corporate income tax purposes. gtlaw.com/en/insights/20… @GTGlobalTax

The California Tax Foundation webinar is tomorrow. Sign up and receive MCLE/CLE credit. Maria Huseinbhai (Senior Manager, EY), Aaron Vaughan (Tax Controversy and Dispute Resolution, KPMG), and Caitlin Herring (Research Fellow, CalTax), discuss R&D audits. eventzilla.net/e/2026-caltax-…

"A proposed wealth tax on billionaires would not only drive California’s richest residents out of the state, but it could also result in a loss of state tax revenue up to $4.5 billion annually, according to a new report by the California Tax Foundation." nypost.com/2026/04/23/us-…

The state's general fund tax revenue in March was $1.5 billion (9.3%) above the governor’s January budget forecast. Through the first nine months of the fiscal year, revenue was $8.6 billion (5.5%) above the projections used in the Jan. budget proposal. dof.ca.gov/media/docs/for…

The wealth tax initiative proposed in CA would reduce ongoing tax revenue $3.53 billion to $4.49 billion per year, California Tax Foundation research finds. The negative effects on California’s tax base "could be substantial and persistent." caltax.org/foundation/rep…

“Actual out-migration almost certainly already exceeds that which has been publicly reported, and continued departures should be expected should the initiative advance,” Walczak added.

Already, the publicly identified departures of nine billionaires have created a $2.77 billion recurring tax revenue loss, according to “Ongoing State Tax Revenue Implications of the 2026 California Billionaire Tax Act,” prepared by national tax expert Jared Walczak.

The CA wealth tax initiative would reduce ongoing state tax revenue $3.53 billion to $4.49 billion per year due to billionaire departures and their economic spillover effects, according to research published today by the California Tax Foundation. caltax.org/foundation/rep…

Wealth tax initiative will harm California nonprofit organizations, California Tax Foundation Visiting Fellow Jared Walczak notes. bizj.us/1qpsx4

"While philanthropists support causes around the world, data show that donors disproportionately fund causes in their home state. As billionaires depart California in response to a proposed wealth tax, much of their philanthropy could move with them." bizj.us/1qpsx4

The CA Tax Foundation reviewed every bill and found 124 that proposed a new tax or fee. The cost to taxpayers can be quantified for 32, totaling $216.3 billion. Doesn't include state and local ballot measures that don’t require legislative action. caltax.org/foundation/rep…

The foundation’s Tax and Fee Report identifies proposals including personal and business income tax increases, a digital advertising tax, a tax on workers and employers to fund a government childcare program, and numerous sales tax increases that would increase the cost of living

From the beginning of the legislative session through today – the state and federal Tax Day – California state lawmakers proposed increasing taxes and fees more than $216 billion a year, the California Tax Foundation reported. caltax.org/foundation/rep…