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

Mar 9, 2026 - Recent enthusiasm around Artificial Intelligence (AI) has pushed the stock market to record highs and boosted compensation for the state 's technology workers. The Nasdaq composite, which includes the California headquartered companies Nvidia, Google, Facebook, Apple, AMD, and Broadcom, has doubled since 2023.
https://lao.ca.gov/LAOEconTax/Article/Detail/852

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

Mar 9, 2026 - Recent enthusiasm around Artificial Intelligence (AI) has pushed the stock market to record highs and boosted compensation for the state 's technology workers. The Nasdaq composite, which includes the California headquartered companies Nvidia, Google, Facebook, Apple, AMD, and Broadcom, has doubled since 2023.
https://lao.ca.gov/LAOEconTax/article/Detail/852

The 2026-27 Budget: Office of Emergency Services Next Generation 911 System

Feb 27, 2026 - The state ’s time line to Next Generation 911 deployment —which we measure against the date at which most or all of the legacy 911 system can be decommissioned —has been pushed out from 2015 ‑16 (estimated by CTA in 2010) to 2022 (estimated by OES in 2018 ‑19 under the regional approach) to 2030 (under the updated transition plan).
https://lao.ca.gov/Publications/Report/5145

The 2026-27 Budget: California Student Aid Commission

Feb 17, 2026 - The solution does not come with any associated new out ‑year obligations (unlike certain other solutions that effectively push out costs). The proposed funding level is $513   million ongoing General Fund.
https://lao.ca.gov/Publications/Report/5127

The 2026-27 Budget: Department of Justice

Feb 11, 2026 - Despite that action, DOJ firearm-related costs stemming from increased workload, newly enacted legislation, and the FITSM project continued to push the fund toward insolvency. This looming insolvency of the DROS Special Account h as led to DOJ increasingly requesting General Fund resources to support firearm-related workload that can statutorily be supported by the special funds.
https://lao.ca.gov/Publications/Report/5118

California’s Strong Revenue Trends Mask Looming Budget Risk

Jan 23, 2026 - After the dot-com bust and the Great Recession, it took four and five years, respectively, for revenues to recover. Incorporating revenue risk into the budget now, therefore, reflects prudence, not pessimism.
https://lao.ca.gov/Publications/Report/5104

Oversight of certain public benefit artificial intelligence (AI) companies. [Ballot]

Jan 20, 2026 - The measure would have the following major fiscal effects: Increased state costs that would likely be in the tens of millions of dollars annually to establish and operate a new regulatory commission overseeing certain public benefit AI com panies.
https://lao.ca.gov/BallotAnalysis/Initiative/2025-033

The 2026-27 Budget: California's Fiscal Outlook

Nov 19, 2025 - For California, the dot ‑com era —when stocks rose and then fell precipitously in response to widespread adoption of the internet —offers the most salient example. The internet has proven to be a transformative technology and, yet, the stock market ’s initial reaction was clearly overly exuberant.
https://lao.ca.gov/Publications/Report/5091

MOU Fiscal Analysis: Bargaining Unit 16 (Physicians, Dentists, and Podiatrists)

Jul 14, 2025 - Proposed Agreement Will Push Back Date When Benefit Is Fully Funded for Unit 16. The Unit 16 retiree health benefit is on track to being fully funded by 2042. This is six years earlier than other bargaining units and four years earlier than the 2046 date when the Legislature will be able to use the assets in the trust to pay for benefits.
https://lao.ca.gov/Publications/Report/5064

Rethinking California's Reserve Policy

Apr 10, 2025 - In March of 2004, on the heels of the dot ‑com bust, voters passed Proposition  58, which created the Budget Stabilization Account (BSA). In the 2006 ‑07 budget, the Legislature deposited $472  million into the BSA and in 2007 ‑08 deposited $1.5  billion.
https://lao.ca.gov/Publications/Report/5028