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I thought there may be a silver lining with tax deductions.

The balanced budget outlook through 2025-26 also relies on $7 billion from the state’s rainy day fund, which Newsom and lawmakers previously agreed upon, and continuing to limit corporate tax deductions and credits.

DAFs allow donors to contribute assets, receive an immediate tax deduction and recommend grants to their favorite nonprofits over time.

Churches don’t have to disclose their donors to the IRS, so donors could seek to influence elections while remaining anonymous — and get a tax deduction for their contributions.

She wants to give down payment assistance to homebuyers and tax deductions to new businesses, but the impacts of these may be limited, experts said.