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

Mar 9, 2026 - Before past downturns, taxes have generally grown briskly, often due to the same stock market run-ups that preeceded the downturn. Once the stock market drops, revenue growth   first slows, then stalls, then turns negative.
https://lao.ca.gov/LAOEconTax/Article/Detail/852

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

Mar 9, 2026 - Before past downturns, taxes have generally grown briskly, often due to the same stock market run-ups that preeceded the downturn. Once the stock market drops, revenue growth   first slows, then stalls, then turns negative.
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

The Bay-Delta Plan and Voluntary Agreements: Ensuring Effective Legislative Oversight

Mar 18, 2026 - The state added the doubling goal as a narrative water quality objective in the 1995 Bay ‑Delta Plan. Doubling natural production relative to the average annual 1967 ‑1991 baseline would mean nearly 900,000 naturally produced salmon annually.
https://lao.ca.gov/Publications/Report/5163

California revenues on track to be over $2 billion under administration target for April

Apr 25, 2012 - Moreover, the administration has said, its January estimates did not anticipate  the likely revenue effects of an initial public offering of stock by Facebook, nor the Governor 's revised tax measure.
https://lao.ca.gov/Recommendations/Details/588

California's December income tax collections were quite strong

Jan 7, 2014 - Both the budget act projections and our office 's November 2013 revenue projections assumed that net capital gains received by California residents would decline substantially in 2013, given that 2012 results were elevated due to changes in federal tax policy and the Facebook initial public offering, among other factors.
https://lao.ca.gov/Recommendations/Details/775

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 2026-27 Budget: California Competes Extension

Mar 18, 2026 - California Competes is an incentive program run by the Governor ’s Office of Business and Economic Development (GO-Biz.) It provides nonrefundable tax credits to companies in exchange for a commitment to increase employment and investment in the state over several years.
https://lao.ca.gov/Publications/Report/5162