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

2025 Update: Tech Company Stock Pay Accounts for One-Quarter of Withholding Growth So Far in 2025-26 [EconTax Blog]

Dec 3, 2025 - California ’s Technology Sector California ’s Tech Companies Have Become the World ’s Most Valuable Companies. The state ’s five largest tech companies —Apple, Google, Nvidia, Broadcom, and Meta —are currently worth $15 trillion.
https://lao.ca.gov/LAOEconTax/article/Detail/843

2025 Update: Tech Company Stock Pay Accounts for One-Quarter of Withholding Growth So Far in 2025-26 [EconTax Blog]

Dec 3, 2025 - California ’s Technology Sector California ’s Tech Companies Have Become the World ’s Most Valuable Companies. The state ’s five largest tech companies —Apple, Google, Nvidia, Broadcom, and Meta —are currently worth $15 trillion.
https://lao.ca.gov/LAOEconTax/Article/Detail/843

How Does Tech Company Equity Pay Affect Income Tax Withholding? [EconTax Blog]

Nov 16, 2023 - California ’s Growing Technology Sector California ’s Tech Companies Have Become Some of the World ’s Most Valuable Companies... The state ’s four largest tech companies —Apple, Google, Nvidia, and Meta —are currently worth more than $7 trillion.
https://lao.ca.gov/LAOEconTax/Article/Detail/789

California's Economy and Taxes

November 16, 2023 California 's technology companies, including giants like Apple, Google, Nvidia, and Meta, are some of the most valuable companies in the world and support thousands of high-paying jobs in th e state.
https://lao.ca.gov/LAOEconTax?tagId=56

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