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General Fund Revenue
Insurance Tax: $2.354 Billion
Most insurance written in California is subject to a 2.35-percent gross premiums tax. This premium tax takes the place of all other state and local taxes except those on real property and motor vehicles. In general, the basis of the tax is the amount of "gross premiums" received, less return premiums.
The Department of Finance conducts an annual survey to project insurance premium growth. Responses were received this year from a sample representing more than 40 percent of the dollar value of premiums written in California.
In 2005, $102.4 billion in taxable premiums were reported, an increase of 2.6 percent over 2004. The most recent survey indicates that total premiums will increase by 3.1 percent in 2006 and in 2007. As reforms in workers' compensation insurance continue to take shape, taxable premiums from workers' compensation insurance are expected to decrease significantly: survey respondents reported declines of 28 percent in 2006 and 16 percent in 2007.
Revenues forecasted for 2006-07 and 2007-08 and preliminary collections for 2005-06, are as follows:
INSURANCE TAX REVENUE
(Dollars in Billions)
- 2005-06 (Preliminary) $2.202
- 2006-07 (Forecast) $2.220
- 2007-08 (Forecast) $2.354
CHAPTER HIGHLIGHTS for
Revenue Estimates Back to Top
PRINTABLE BUDGET DOCUMENTS Back to Top
Budget Summary - Revenue Estimates (pdf * - 231K)
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Provides this entire Revenue Estimates Chapter in pdf format.
SCHEDULE 2 - Summary of State Tax Collections (pdf * - 9K) -
State Tax Collections per capita and per $100 of personal income.
SCHEDULE 3 - Comparative Yield of State Taxes (pdf * - 12K) -
Revenues for Major State Taxes from 1970-71 through 2007-08.
SCHEDULE 8 - Comparative Statement of Revenues (pdf * - 20K) -
Detail of General and special fund revenues by source for the past, current, and budget years within the following categories: (1) major taxes and licenses, (2) minor revenues, and (3) transfers and loans.
ADDITIONAL INFORMATION Back to Top
Board of Equalization
This site provides information about taxes levied on property, sales, fuel, cigarettes, and alcoholic beverages. The Board prepares an annual report which can be located using that site's search function.
Franchise Tax Board
This site provides information about taxes levied on personal income and on corporations. The Board prepares an annual report which can be located using that site's search function.
Tax Expenditure Report
The Department of Finance annually updates this report on major tax exemptions, exclusions, and credits. This report is posted on Finance's website within the "Financial and Economic Data" page.
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