State Budget:
'Fiscal Cliff' Bill KOs Some Expected State Revenue

As a result of the federal government's passage of the so-called "fiscal cliff" fix January 1, California's 2012-13 general fund budget will be short an additional $45 million. The "American Taxpayer Relief Act of 2012" permanently killed a subvention from the federal estate tax to the states that had been suspended since 2005. Last summer, state budget writers counted the additional revenue, on the faulty assumption that the subvention would be reinstated.

Other ramifications of the fiscal cliff bill for California:

January 11,, 2013
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