CA has a budget at last.
Read about it here.
Some things to note:
The series of budget bills, as passed by the senate around 5 a.m. Thursday, feature billions of dollars in spending cuts for schools, healthcare institutions and entitlement programs and they greatly reduce the dependent credit that Californians may claim on their income taxes.
They also include an increase of the state sales tax by 1 percentage point, and a doubling of the vehicle license fee to 1.15 percent. In lieu of the gasoline tax increase loathed by Mr. Maldonado, residents here will see their personal income tax rates raised by one-quarter of a percentage point. The package also relies on federal stimulus dollars to get through the year.
Still, there are at least two winners in the budget package. Small businesses will be given tax breaks, as will some parts of the movie industry, which has long maintained that the state’s onerous tax burdens caused it to move shooting elsewhere. Both sets of tax breaks were big victories for Republican lawmakers.