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

2000 Budget Analysis: CJ Inspector Gen 0552

The office also directly investigates certain allegations of staff misconduct in the correctional system and operates a toll-free telephone hotline for reporting of such misconduct and violations of state policy.
https://lao.ca.gov/analysis_2000/crim_justice/cj_7_Inspoector%20Gen_0552_anl00.htm

The 2025-26 California Spending Plan: Housing, Homelessness and Local Government

Oct 22, 2025 - Civil Rights Department Funding for Another Year of Statewide Reporting Hotline. The budget provides $2.4  million one-time General Fund for the Civil Right Department ’s California vs. Hate initiative.
https://lao.ca.gov/Publications/Report/5082

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

LAO 2006 Budget Analysis: California Work Opportunity and Responsibility to Kids (5180)

Prior to 2005-06, California funded CWS emergency response hotline activities with a combination of General Fund, federal IV-E matching funds, and county funds. Beginning in 2005 -06, the federal government denied some state claims to use federal IV-E matching funds for certain hotline activities.
https://lao.ca.gov/analysis_2006/health_ss/hss_13_5180_anl06.html

The 2022-23 Budget: Governor’s Office of Emergency Services Proposals

Feb 20, 2022 - Request More Information on 988 Hotline Proposal We recommend that the Legislature direct OES  to report on the administration ’s efforts to secure federal funds for implementation of the 988 hotline.
https://lao.ca.gov/Publications/Report/4551