LAO commentary on Facebook IPO and state revenue forecasts

May 15, 2012 - State revenue forecasting models rely on historical economic data to project future tax collections. An extraordinary economic event like Facebook ’s IPO has the potential to skew economic data in ways that hinder current and future revenue forecasting.
https://lao.ca.gov/Recommendations/Details/596

Frequently asked questions concerning Facebook and California's General Fund

Aug 1, 2012 - Moreover, it takes many months for data concerning a tax year's payments to be processed by the state's tax agencies. At some point in the future, for these and other reasons, state revenue estimates likely will change to display Facebook-related revenues as simply "lumped in" with the state's other taxes.
https://lao.ca.gov/Recommendations/Details/618

Summary of LAO Findings and Recommendations on the 2012-13 Budget

State revenue forecasting models rely on historical economic data to project future tax collections. An extraordinary economic event like Facebook ’s IPO has the potential to skew economic data in ways that hinder current and future revenue forecasting.
https://lao.ca.gov/laoapp/budgetlist/PublicSearch.aspx?PolicyAreaNum=70&KeyCol=596&Yr=2012

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 2019-20 Budget: Creating an Integrated Education Data System

May 6, 2019 - Governor ’s Incremental Approach to Adding Data Sources Has Merit. We believe the Governor ’s proposed order of onboarding the segments and other data contributors generally is reasonable. Recognizing that all IT projects entail risks, first connecting K ‑12 data with data from the state ’s three public higher
https://lao.ca.gov/Publications/Report/4026

The 2012-13 Budget: Economic and Revenue Update [Publication Details]

Feb 27, 2012 - Like the economic data, reports concerning state revenues have been mixed recently too, with weakness in income tax payments accompanied by speculation concerning a future bonanza of tax revenues due to the possible offering of stock by Facebook, Inc.
https://lao.ca.gov/Publications/Detail/2578

How High? Adjusting California’s Cannabis Taxes

Dec 17, 2019 - Miller, Keaton and Boyoung Seo (2019). “Tax Revenues When Substances Substitute: Marijuana, Alcohol, and Tobacco. ” Mimeo, University of Oregon. National Academies of Sciences, Engineering, and Medicine (2017).
https://lao.ca.gov/Publications/Report/4125

The 2022-23 Budget: California College Guidance Initiative

Feb 22, 2022 - The proposed augmentation brings total ongoing CCGI funding to $16.6  million, with 294 districts that still need to be added to the platform. CCGI initially estimated the cost of fully scaling operations between $18  million and $20  million, but given the large number of districts that have yet to be added to the platform, we remain uncertain about the long ‑term costs for fully scaling CCGI.
https://lao.ca.gov/Publications/Report/4553

The 2026-27 Budget: California Competes Extension

Mar 18, 2026 - Second, any unawarded credits from the previous fiscal year can be added to the pool of available credits for the current fiscal year. Credit Pool Has Ballooned to over $923  million for the Current Year.
https://lao.ca.gov/Publications/Report/5162