California Lawmakers Send Budget to Governor as Talks Continue

California lawmakers approved a $227 billion state budget on Thursday without reaching agreement with Gov. Gavin Newsom on more than the broad spending outlines while they continue to negotiate details.

Lawmakers said they agree in concept on several tax law changes, including extending the film and television tax credit for five more years, but details will come later in budget trailer bills they must enact separately. They dropped proposals from Senate Democrats to increase and tier the corporate income tax and suspend the ability of corporations to deduct net operating losses, because of Newsom’s opposition.

The Assembly and Senate ...