California News

California’s Finance Office Is Worried That The State Could Lose $1B A Year In Taxes From Fleeing Businesses And Residents

North Bay Business Journal-

California’s finance office has found that more than $1 billion a year in just personal income tax hangs in the balance because of the probability of people and companies moving out of state due to the high cost of doing business and home prices.

With so much at stake, the agency that manages the tax revenue generated from these transactions has started to examine the effects of the population’s net migration. At times, the research may prompt more questions than answers.

California Controller Betty Yee released a report last month using 2019 data, titled “The Impact of Migration on California Income Tax Revenues.” The agency surmised it’s too soon to tell whether those moving out of the state during a pandemic year have upset the balance of government financial coffers, even if a steady flow of migrants have moved in.

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