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

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

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

^[PDF] Overview of the Integrated Waste Management Account

The IWMA is funded through a per-ton fee charged on solid waste disposal at landfi lls, commonly referred to as a “tipping fee.” The Public Resources Code sets a statutory cap on the fee at $1.40 per ton.
https://lao.ca.gov/handouts/resources/2010/Overview_of_the_Integrated_Waste_Management_Account_31810.pdf

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

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

Landfills. [Ballot]

Aug 22, 2023 - First, the measure requires landfills that do not comply with the adopted ALBS technology regulations to pay a penalty totaling 10  percent of their tipping fee revenues directly to CalRecycle. Second, it requires NGD Consortium to pay CalRecycle an amount equal to 10  percent of tipping fees received by landfills that are compliant with the adopted ALBS technology regulations.
https://lao.ca.gov/BallotAnalysis/Initiative/2023-006

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