The 2012-13 Budget: Economic and Revenue Update [Publication Details]

Feb 27, 2012 - Like the economic data, reports concerning state revenues have been mixed recently too, with weakness in income tax payments accompanied by speculation concerning a future bonanza of tax revenues due to the possible offering of stock by Facebook, Inc.
https://lao.ca.gov/Publications/Detail/2578

LAO commentary on Facebook IPO and state revenue forecasts

May 15, 2012 - Comparisons with prior forecasts are complicated, given the changes since January in the Governor ’s proposed tax measure and the recent inclusion of revenues related to Friday ’s planned initial public offering (IPO) of stock by Facebook, Inc.
https://lao.ca.gov/Recommendations/Details/596

Background information on LAO's May 2012 economic and revenue forecasts

May 18, 2012 - Comparisons of the May forecasts are difficult because of the differing treatments of personal income related to Facebook, Inc.’s initial public offering (IPO), as discussed in the footnotes of the figure.
https://lao.ca.gov/Recommendations/Details/599

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

Comparisons with prior forecasts are complicated, given the changes since January in the Governor ’s proposed tax measure and the recent inclusion of revenues related to Friday ’s planned initial public offering (IPO) of stock by Facebook, Inc.
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

May income tax collections, to date, are above Governor's projections

May 30, 2013 - Withholding for May 2013  has totaled  about $3.48 billion, which is  $67 million (2 percent) above May 2012 levels, despite the fact that May 2012 is believed to have included a few hundred million dollars of nonrecurring PIT withholding resulting from Facebook, Inc. ’s initial public offering.
https://lao.ca.gov/Recommendations/Details/771

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] 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

Update on strong California capital gains tax collections in September

Sep 30, 2013 - (This 3.7 percent growth figure i s over 1 percentage point lower than it would be otherwise due to the one-time effects on withholding from Facebook, Inc. ’s initial public offering last year, principally in October.
https://lao.ca.gov/Recommendations/Details/774