How Have Past Stock Market Downturns Affected Income Tax Revenue? [EconTax Blog]

Mar 9, 2026 - The Nasdaq composite, which includes the California headquartered companies Nvidia, Google, Facebook, Apple, AMD, and Broadcom, has doubled since 2023. The meteoric rise in the value of these companies has led to sizable gains for their investors and their employees via stock options, which has led income tax collections to grow at double-digit rates.  
https://lao.ca.gov/LAOEconTax/Article/Detail/852

How Have Past Stock Market Downturns Affected Income Tax Revenue? [EconTax Blog]

Mar 9, 2026 - The Nasdaq composite, which includes the California headquartered companies Nvidia, Google, Facebook, Apple, AMD, and Broadcom, has doubled since 2023. The meteoric rise in the value of these companies has led to sizable gains for their investors and their employees via stock options, which has led income tax collections to grow at double-digit rates.  
https://lao.ca.gov/LAOEconTax/article/Detail/852

Frequently asked questions concerning Facebook and California's General Fund

Aug 1, 2012 - Frequently asked questions concerning Facebook and California's General Fund Frequently asked questions concerning Facebook and California's General Fund Program: Revenues Finding or Recommendation: This item lists answers to frequently asked questions concerning Facebook's stock and California's General Fund budget for 2012-13.
https://lao.ca.gov/Recommendations/Details/618

LAO commentary on Facebook IPO and state revenue forecasts

May 15, 2012 - State tax revenue estimates regarding Facebook, therefore, require numerous assumptions. Because of these factors, there is a large margin of error surrounding both our Facebook revenue estimates and those of the administration.
https://lao.ca.gov/Recommendations/Details/596

Summary of LAO Findings and Recommendations on the 2012-13 Budget

Essentially, to avoid “double counting ” the Facebook income, this means that both of our revenue estimates consider the economy without Facebook and then add PIT revenues on top of those estimates to account for the IPO.
https://lao.ca.gov/laoapp/budgetlist/PublicSearch.aspx?PolicyAreaNum=70&KeyCol=596&Yr=2012

LAO Other Government Areas

View on YouTube . Report Managing California’s Insolvency: The Impact of Federal Proposals on Unemployment Insurance Format:
https://lao.ca.gov/Policy-Areas?areaId=5&category=15&year=0&page=10

LAO Publications

Format: Public Employee Pensions: An Interview With LAO's Jason Sisney August 8, 2011 - LAO State Finance Director Jason Sisney appears on the news interview program The Maddy Report, where he is questioned about public employee pensions.
https://lao.ca.gov/Publications?page=4&year=0&publicationType=0&type=Other

Unit 8 (Firefighters) MOU Analysis [Publication Details]

Aug 26, 2022 - Unit 8 (Firefighters) MOU Analysis [Publication Details] Translate Our Website This Google ™ translation feature provided on the Legislative Analyst's Office (LAO) website is for informational purposes only.
https://lao.ca.gov/Publications/Detail/4621

Unit 8 (Firefighters) MOU Analysis

Aug 26, 2022 - Unit 8 (Firefighters) MOU Analysis August 26, 2022 Unit 8 (Firefighters) MOU Analysis On August 25, 2022, our office received a proposed memorandum of understanding (MOU) between the state and Bargaining Unit 8 (Firefighters).
https://lao.ca.gov/Publications/Report/4621

The 2024-25 Budget: California Department of Corrections and Rehabilitation

Feb 22, 2024 - Figure 8 Proposed Level of Ongoing Funding for CDCR COVID ‑19 Response Statewide testing
https://lao.ca.gov/Publications/Report/4852