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Daily Tax Report: State

California Budget Deal Limits Corporate Tax Breaks

June 4, 2020, 12:08 AM

California lawmakers reached an agreement on a state budget plan that pushes back on some cuts proposed by Gov. Gavin Newsom, but largely adopts tax changes he is requesting.

Leaders from the Assembly and Senate said they are negotiating with the Democratic governor to reach a final agreement in time to approve it before their deadline of June 15. Newsom must sign the deal by the start of the new fiscal year July 1.

Their plans are shaped by the economic downturn and a projected $54 billion deficit through June 2021 due to the coronavirus pandemic. They may make more...

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