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

Mar 9, 2026 - By most measures, the global financial crisis was more severe than the dot-com crash. The state 's unemployment rate, for example, peaked at 7 percent following the dot-com crash but reached nearly double that during the financial crisis and remained elevated for much longer.
https://lao.ca.gov/LAOEconTax/Article/Detail/852

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

Mar 9, 2026 - By most measures, the global financial crisis was more severe than the dot-com crash. The state 's unemployment rate, for example, peaked at 7 percent following the dot-com crash but reached nearly double that during the financial crisis and remained elevated for much longer.
https://lao.ca.gov/LAOEconTax/article/Detail/852

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

The 2025-26 Budget: California Spending Plan Series [Publication Details]

Oct 16, 2025 - The 2025-26 Budget: California Spending Plan Series [Publication Details] Translate Our Website This Google ™ translation feature provided on the Legislative Analyst's Office (LAO) website is for informational purposes only.
https://lao.ca.gov/Publications/Detail/5105

^[PDF] Economic and Budget Developments

The Gov- ernor also deleted $26 million from the com- munity colleges earmarked for program im- provement, and set aside the funds for other purposes, consistent with Proposition 98 fund- ing requirements.
https://lao.ca.gov/reports/1996/update_california_7-1996.pdf

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

Jan 20, 2026 - Such executives may be subject to penalties of up to $10 million per violation. In addition, certain willful misconduct —such as unauthorized expansion of AI capabilities or obstruction of investigations —would be punishable as a felony, with potential imprisonment of up to five years and fines of up to $10 million, or an amount equal to twice the financial gains resulting from the misconduct.
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

^[PDF] Voters FIRST Act for Congress 2021

The com- mission also is to consider the geographic integrity of cities, counties, neighborhoods, and communities of interest. As under Proposition 11, compliance with the federal Vot- ing Rights Act would be required.
https://lao.ca.gov/ballot/2010/100102.pdf

^[PDF] Overview of 2009-10 Aging, IHSS, and SSI/SSP Program Reductions

This is an overall General Fund decrease of about $11.3 million (26 percent) in funding compared to the revised 2008-09 funding level. While General Fund spending decreased, total fund spend- ing increased from $194 million in 2008-09 to $198 million in 2009-10.
https://lao.ca.gov/handouts/socservices/2010/Aging_IHSS_SSISSP_Reductions_04_22_10.pdf

Building Reserves to Prepare for a Recession

Mar 7, 2018 - Under Proposition  2, the state must put money into the BSA until its total reaches a maximum amount of 10  p ercent of General Fund tax revenue. Currently, this is about $13. 5  b illion. Once the BSA reaches this maximum, funds that would bring the BSA above 10  p ercent of General Fund taxes must be spent on infrastructure.
https://lao.ca.gov/Publications/Report/3769