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

LAO Publications

View on YouTube . Format: July 1, 2011 - Summary Tables 2011-12 Budget Package Format: 2009 List of State Boards and Commissions (Partially Updated) June 7, 2011 - This document is a partially updated list of nearly 300 state boards and commissions.
https://lao.ca.gov/Publications?page=4&year=0&publicationType=0&type=Other

^[PDF] The 1989-90 Budget: Perspectives and Issues

:~Jl~,ct~diJQ'Y~r~11;l,lJ.9;~P.J'siE~tg(;lcJ¢Y~1~"i.()f..capital ,g~,t!!,~!p.S2m¥"r,~~~z,~gJ~K~t:lt~J~~p~y~r~.Foods which had been a.ppi-o- ,pHated; to 'the SFEU were' redireCted to cover the shortfall, and' several actions were taken by the administration to reduce or delay expenditures.
https://lao.ca.gov/analysis/1989/pandi_89_part1.pdf

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

The 2025-26 California Spending Plan: Human Services

Nov 21, 2025 - As part of a special legislative session held in January 2025, the Legislature added Control Section 5.26 to the 2024-25 Budget Act, providing an additional one-time allocation of $10  million to support immigration related services, including removal defense.
https://lao.ca.gov/Publications/Report/5086/8

2025-26 Changes in Proposition 98 Spending [EdBudget]

Nov 7, 2025 - 2025-26 Changes in Proposition 98 Spending [EdBudget] $114,558 a Primarily reflects removal of 2024-25 one-time funds. b The 2025-26 budget package uses funding from the Proposition 98 reserve to cover $405 million in K-12 costs and $50 million in community college costs. c Reflects additional LCFF costs associated with serving more students in transitional kindergarten,
https://lao.ca.gov/Education/EdBudget/Details/1007

The 2026-27 Budget: State Mandate—Disclosure Requirements and Deferral of Property Taxation

Feb 19, 2026 - LAO Comments Repeal Ongoing Aspect of Mandate by Eliminating Printing Requirement … We recommend the Legislature remove the disclosure requirement in Chapter  712, which would have the effect of repealing the mandate (and mandate costs) going forward.
https://lao.ca.gov/Publications/Report/5130