A four-year income tax extension will be proposed to begin in 2012. The estimated $2 billion revenue increase will be off-set by the extra $2.5 billion, as well as the elimination of an unpopular state board.
The Governor is still planning to close 70 state parks as part of his budget proposal.
From the Los Angeles Times:
A surge in revenue has prompted Gov. Jerry Brown to scale back his proposal for more taxes, even as his administration on Friday announced its intention to close 70 state parks.
Officials familiar with Brown’s plans said the revised budget he presents Monday will propose raising income tax rates on Californians for four years rather than the five he initially wanted. The higher rate would not take effect until 2012.
The governor will continue to push for a five-year extension of increases in sales taxes and vehicle fees that are due to expire by July 1, according to the officials, who spoke on the condition of anonymity because the plan has not been made public. Brown wants lawmakers to put some levies in place before July 1, to be ratified later by voters, the officials said.
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