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

The 2022-23 Budget: Office of Planning and Research Budget Proposals

Feb 9, 2022 - To increase awareness about the program and to recruit volunteers, California Volunteers would develop a robust marketing campaign using social media platforms, such as Facebook and Ring Neighborhoods, and provide communications support to neighborhood leaders. $1.5   Million for Digital Infrastructure.
https://lao.ca.gov/Publications/Report/4523

The 2021-22 Budget: Analysis of CalAIM Financing Issues

Feb 16, 2021 - Figure 2 Proposed CalAIM Funding —Governor ’s 2021 ‑22 Budget (In Millions) Benefit and population delivery system transitions b 403 a To assist with the establishment of enhanced care management and in lieu of services. b Not included in last year ’s proposal. c While the 2024 ‑25 costs are as listed, ongoing costs are proposed to be $20 million total funds, $10 million General Fund.
https://lao.ca.gov/Publications/Report/4374

Fiscal Outlook: Estimating Wages and Salaries [EconTax Blog]

Nov 14, 2018 - We expect workers in technology sector jobs —which includes firms conducting data processing, software development, and web search, like Google and Facebook —to see strong growth in both average wages and jobs.
https://lao.ca.gov/LAOEconTax/Article/Detail/321

The 2018-19 Budget: Analysis of the Health and Human Services Budget

Feb 16, 2018 - This Legislative package —which includes Chapter   35 o f 2012 (S B  1013 , Committee on Budget and Fiscal Review),  Chapter   773 o f 2015 (A B  403 , Stone), Chapter   612 o f 2016 (A B  1997 , Stone), and Chapter   732 o f 2017 (A B  404 , Stone) —makes fundamental changes to the way the state cares for children in the foster care system.
https://lao.ca.gov/Publications/Report/3757

The 2016-17 Budget: California Spending Plan

Oct 5, 2016 - The law, Chapter  773 of 2015 (AB  403, Stone), made significant changes to the way the state cares for children who have been removed from their home and placed into the state ’s foster care system.
https://lao.ca.gov/Publications/Report/3487/7

The 2016-17 Budget: Analysis of the Human Services Budget

Feb 11, 2016 - This analysis begins by providing an overview of the existing foster care system; highlights the major policy changes included in AB  403; and evaluates the Governor ’s proposed CCR implementation spending in light of continued uncertainties around the ultimate costs, savings, and programmatic impacts of the reform package.
https://lao.ca.gov/Publications/Report/3351

California's December income tax collections were quite strong

Jan 7, 2014 - Both the budget act projections and our office 's November 2013 revenue projections assumed that net capital gains received by California residents would decline substantially in 2013, given that 2012 results were elevated due to changes in federal tax policy and the Facebook initial public offering, among other factors.
https://lao.ca.gov/Recommendations/Details/775

Update on strong California capital gains tax collections in September

Sep 30, 2013 - (This 3.7 percent growth figure i s over 1 percentage point lower than it would be otherwise due to the one-time effects on withholding from Facebook, Inc. ’s initial public offering last year, principally in October.
https://lao.ca.gov/Recommendations/Details/774