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

The 2022-23 Budget: Health Care Access and Affordability

Feb 23, 2022 - Enhanced Federal Premium Subsidies in Effect Supplanted State Subsidies in 2021 and 2022. The American Rescue Plan (ARP) Act was passed by Congress in 2021 in response to COVID ‑19. As part of this act, the level of federal support for premium subsidies for coverage purchased on health benefit exchanges have been temporarily increased for the 2021 and 2022 plan enrollment years.
https://lao.ca.gov/Publications/Report/4560

^[PDF] The 2022-23 Budget: Health Care Access and Affordability

L E G I S L A T I V E A N A L Y S T ’ S O F F I C E 2 0 2 2 - 2 3 B U D G E T 14 Enhanced Federal Premium Subsidies in Effect Supplanted State Subsidies in 2021 and 2022. The American Rescue Plan (ARP) Act was passed by Congress in 2021 in response to COVID-19.
https://lao.ca.gov/reports/2022/4560/Health-Care-Access-Affordability-022322.pdf

The 2021-22 Budget: Overview of the Governor's Budget

Jan 10, 2021 - The Governor proposes to pay down $8.4  billion of this amount, with districts receiving the associated cash in 2021 ‑22. Slightly more than $4  billion would remain deferred from 2021 ‑22 to 2022 ‑23.
https://lao.ca.gov/Publications/Report/4309

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

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

:~Jl~,ct~diJQ'Y~r~11;l,lJ.9;~P.J'siE~tg(;lcJ¢Y~1~"i.()f..capital ,g~,t!!,~!p.S2m¥"r,~~~z,~gJ~K~t:lt~J~~p~y~r~.Foods which had been a.ppi-o- ,pHated; to 'the SFEU were' redireCted to cover the shortfall, and' several actions were taken by the administration to reduce or delay expenditures.
https://lao.ca.gov/analysis/1989/pandi_89_part1.pdf

The 2021-22 Budget: Department of Forestry and Fire Protection [Publication Details]

Feb 4, 2021 - The 2021-22 Budget: Department of Forestry and Fire Protection [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/4343