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

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

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

Nonprofit safety net health clinic expenses. [Ballot]

Sep 22, 2025 - Second, clinics that spend less than 90  percent of annual revenue on mission-related expenses in a given year would have to pay a penalty to the state that would be levied by CDPH. The penalty would equal the shortfall from the 90  percent requirement (that is, the difference between 90  percent of the clinic ’s total annual revenue and the amount the clinic spent on mission-related expenses in that year).
https://lao.ca.gov/BallotAnalysis/Initiative/2025-008

The 2026-27 Budget: Bureau for Private Postsecondary Education

Mar 25, 2026 - The largest of these fees is an annual licensing fee, which accounts for more than 90  percent of the revenue in the BPPE Fund. This annual fee is currently set at 0.55  percent of each campus ’s total revenue from California students, with a minimum fee of $2,500 and a maximum fee of $60,000 per campus.
https://lao.ca.gov/Publications/Report/5169

^[PDF] The 2012-13 Budget: Overview of the May Revision

What Will Happen With Facebook and Capital Gains? Both our forecast and the administration’s assume that California will experience a revenue boost due to the Facebook IPO of about $2 billion spread across 2011-12 and 2012-13, assuming passage of the Governor’s tax measure.
https://lao.ca.gov/reports/2012/bud/may_revise/overview-may-revise-051812.pdf