LAO commentary on Facebook IPO and state revenue forecasts

May 15, 2012 - State Revenues Related to the Facebook IPO Based on publicly available information, state PIT revenues will be generated from the following types of IPO-related financial transactions: (1) settlement of options-like asset s known as “restricted stock units ” (RSUs) by Facebook employees and others beginning late in 2012, (2) options transactions by
https://lao.ca.gov/Recommendations/Details/596

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

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https://lao.ca.gov/analysis/1989/pandi_89_part1.pdf

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

State Revenues Related to the Facebook IPO Based on publicly available information, state PIT revenues will be generated from the following types of IPO-related financial transactions: (1) settlement of options-like assets known as “restricted stock units ” (RSUs) by Facebook employees and others beginning late in 2012, (2) options transactions by
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

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

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

Disabled Veteran Business Enterprise Program Review

Dec 2, 2025 - The law requires state entities to set a goal of awarding at least 3 percent of their annual contract value to service‑disabled veteran‑owned businesses. This is commonly known as the “3 percent participation goal.”
https://lao.ca.gov/Publications/Report/5095

Disabled Veteran Business Enterprise Program Review [Publication Details]

Dec 2, 2025 - As required by Chapter 80 of 2020 (SB 588, Archuleta), this brief reviews California’s Disabled Veteran Business Enterprise (DVBE) program. Specifically, it focuses on policies and practices designed to prevent program abuse and noncompliance.
https://lao.ca.gov/Publications/Detail/5095