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

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

While we have attributed revenues from this transaction to the 2013-14 fiscal year, it could occur earlier and boost 2012-13 revenues above our estimate by several hundred million dollars.) The Facebook IPO ’s Effect on the Economy About One-Fifth of 2012 Personal Income Growth Will Relate to the IPO.
https://lao.ca.gov/laoapp/budgetlist/PublicSearch.aspx?PolicyAreaNum=70&KeyCol=596&Yr=2012

Frequently asked questions concerning Facebook and California's General Fund

Aug 1, 2012 - Facebook is assumed to generate under $2 billion (about 1 percent) of this total, and much of that revenue  should still materialize even if the company 's stock price remains depressed.  As noted above, if the company 's stock price remains depressed, hundreds of millions of  income tax dollars assumed in the 2012-13 state budget plan are at risk.
https://lao.ca.gov/Recommendations/Details/618

LAO commentary on Facebook IPO and state revenue forecasts

May 15, 2012 - While we have attributed revenues from this transaction to the 2013-14 fiscal year, it could oc cur earlier and boost 2012-13 revenues above our estimate by several hundred million dollars.) The Facebook IPO ’s Effect on the Economy About One-Fifth of 2012 Personal Income Growth Will Relate to the IPO.
https://lao.ca.gov/Recommendations/Details/596

Background information on LAO's May 2012 economic and revenue forecasts

May 18, 2012 - Figure 5 compares the LAO May 2012 sales and use tax forecasts for 2011-12 and 2012-13 with other recent forecasts. Figure 6 compares the LAO May 2012 revenue estimate related to the Facebook IPO with those in other recent forecasts.
https://lao.ca.gov/Recommendations/Details/599

^[PDF] The 1989-90 Budget: Perspectives and Issues

:~Jl~,ct~diJQ'Y~r~11;l,lJ.9;~P.J'siE~tg(;lcJ¢Y~1~"i.()f..capital ,g~,t!!,~!p.S2m¥"r,~~~z,~gJ~K~t:lt~J~~p~y~r~.Foods which had been a.ppi-o- ,pHated; to 'the SFEU were' redireCted to cover the shortfall, and' several actions were taken by the administration to reduce or delay expenditures.
https://lao.ca.gov/analysis/1989/pandi_89_part1.pdf

Overview of Efforts to Modernize EDD’s Benefit Systems [Publication Details]

Feb 24, 2026 - Overview of Efforts to Modernize EDD’s Benefit Systems [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/5135

Office of Emergency Services: Next Generation 911 System [Publication Details]

Mar 5, 2026 - Office of Emergency Services: Next Generation 911 System [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/5151

Overview of Trial Court Construction and Facility Maintenance [Publication Details]

Feb 26, 2026 - Overview of Trial Court Construction and Facility Maintenance [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/5111