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

^[PDF] State Equal Employment Opportunity Programs After GRP-1

The GRP-1 transferred administration of the upward mobility programs from SPB to CalHR; however, SPB is still responsible for audits related to these programs. Upward Mobility Programs 6L E G I S L A T I V E A N A L Y S T ’ S O F F I C E July 2, 2014 LAO 70 YEARS OF SERVICE  GRP-1 Transferred Program to CalHR.
https://lao.ca.gov/handouts/state_admin/2014/After-GRP-1-070214.pdf

^[PDF] The 2022-23 Budget: Zero-Emission Vehicle Package

L E G I S L A T I V E A N A L Y S T ’ S O F F I C E 2 0 2 2 - 2 3 B U D G E T 10 relatively costly way to reduce both local pollution and GHGs. Second, most of these programs focus on light-duty vehicle and mobility programs which, in our view, only have modest potential to drive technological advancements—likely less than some of the heavy-duty ZEV programs.
https://lao.ca.gov/reports/2022/4561/Zero-Emission-Vehicle-Package-022322.pdf

Background information on LAO's May 2012 economic and revenue forecasts

May 18, 2012 - Figure 6 compares the LAO May 2012 revenue estimate related to the Facebook IPO with those in other recent forecasts. The IPO was announced in February and thus was not included in the Governor ’s January 2012 forecast. ( Additional information on our May 2012 Facebook IPO revenue forecast was published on this website on May 15.)
https://lao.ca.gov/Recommendations/Details/599

^[PDF] Overview of ARB’s Emission Reduction Goals and Planning Efforts in Transportation Sector

Governor’s 2030 and 2050 GHG Goals 4L E G I S L A T I V E A N A L Y S T ’ S O F F I C E February 22, 2016  State Implementation Plan (SIP)  Plan for meeting federal criteria pollutant standards from stationary sources and mobile sources.
https://lao.ca.gov/handouts/resources/2016/Overview-ARB-Emission-Reduction-Goals-Planning-022216.pdf

^[PDF] The 2022-23 Budget: Analysis of the Governor’s Major Behavioral Health Proposals

L E G I S L A T I V E A N A L Y S T ’ S O F F I C E 2 0 2 2 - 2 3 B U D G E T 6 Behavioral Health Continuum of Care Assessment Report DHCS Recently Released Assessment of Current Capacity for Behavioral Health Services Statewide.
https://lao.ca.gov/reports/2022/4569/Bahavioral-Health-Proposals-030322.pdf