Frequently asked questions concerning Facebook and California's General Fund

Aug 1, 2012 - (Our office's Facebook revenue projections were higher than the administration's in May based largely on our assumption at the time that Facebook share prices would rise between May and November 2012.)
https://lao.ca.gov/Recommendations/Details/618

LAO commentary on Facebook IPO and state revenue forecasts

May 15, 2012 - The administration ’s estimates assume a $35 IPO share price and a $35 share price roughly six months from now when a large volume of RSU settlement activity is scheduled to occur. LAO Estimates. Our updated Facebook revenue forecasts now assume a $38 IPO share price, which would rise to $45 in six months, with additional share price growth in later years.
https://lao.ca.gov/Recommendations/Details/596

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

The administration ’s estimates assume a $35 IPO share price and a $35 share price roughly six months from now when a large volume of RSU settlement activity is scheduled to occur. LAO Estimates. Our updated Facebook revenue forecasts now assume a $38 IPO share price, which would rise to $45 in six months, with additional share price growth in later years.
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

How High? Adjusting California’s Cannabis Taxes

Dec 17, 2019 - Miller, Keaton and Boyoung Seo (2019). “Tax Revenues When Substances Substitute: Marijuana, Alcohol, and Tobacco. ” Mimeo, University of Oregon. National Academies of Sciences, Engineering, and Medicine (2017).
https://lao.ca.gov/Publications/Report/4125

The 2026-27 Budget: Cap-and-Invest Expenditure Plan

Feb 10, 2026 - Most notably, because including state operations expenditures as part of Tier 1 means they receive first priority for available GGRF, adding new activities to this category can have the effect of gradually “crowding out ” other GGRF ‑funded programs and activities.
https://lao.ca.gov/Publications/Report/5114

The 2026-27 Budget: State Mandate—Disclosure Requirements and Deferral of Property Taxation

Feb 19, 2026 - The Commission determined that Los Angeles County incurred reimbursable costs processing deferment requests and adding the required disclosure to property tax bills. The Commission determined that the county incurred a total amount of about $30,000 in back-year costs (incurred between 2022 and 2024), and about $8,000 in ongoing costs thereafter.
https://lao.ca.gov/Publications/Report/5130

California’s Strong Revenue Trends Mask Looming Budget Risk

Jan 23, 2026 - The added risk variable weighs on the range of revenue outcomes that we view as most plausible. The middle of the range, which becomes our main revenue forecast, is thus lower than if we did not include the stock market risk indicator.
https://lao.ca.gov/Publications/Report/5104

Overview of New Updates to the Cap-and-Invest Program

Dec 9, 2025 - If CARB were to set a relatively low ceiling price, it would help limit the costs of the program on businesses and households —improving affordability —but would also increase the likelihood that prices reach the ceiling.
https://lao.ca.gov/Publications/Report/5097