While many wait to see how Gavin Newsom handles hundreds of bills, others await tax returns to see if the state will face another deficit.
Get the news that matters to all Californians. Start every week informed.Receive a weekly digest in your inbox from Dan Walters, who shines a light on how elected officials spend your tax dollars.While many wait to see how Gov. Gavin Newsom handles hundreds of bills on his desk, others await the looming deadline for tax returns to see whether the state will face another multibillion-dollar deficit.
That cautionary message underscores the other thing that those in and around the Capitol are watching this week: how much tax revenue the state realizes in personal and corporate income taxes from the Oct. 16 filing deadline. It was moved back from the traditional April 15 cutoff for tax payments because of last winter’s heavy storms.assumes the state will receive $52.
Whatever happens this month vis-à-vis revenues sets the stage for the next budget cycle, particularly the current expectation that the state faces another multibillion-dollar deficit in 2024-25.
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