How Have Past Stock Market Downturns Affected Income Tax Revenue? [EconTax Blog]

Mar 9, 2026 - Revenues regained their nominal levels in 55 months after the dot-com bubble, 53 months following the global financial crisis, and 40 months after the 2022 rate hike drawdown. Multi-year revenue declines amplify the strain on the state budget during major market downturns.  
https://lao.ca.gov/LAOEconTax/Article/Detail/852

How Have Past Stock Market Downturns Affected Income Tax Revenue? [EconTax Blog]

Mar 9, 2026 - Revenues regained their nominal levels in 55 months after the dot-com bubble, 53 months following the global financial crisis, and 40 months after the 2022 rate hike drawdown. Multi-year revenue declines amplify the strain on the state budget during major market downturns.  
https://lao.ca.gov/LAOEconTax/article/Detail/852

California’s Strong Revenue Trends Mask Looming Budget Risk

Jan 23, 2026 - Moreover, investors have been aggressive in taking on high levels of margin debt (borrowing to buy stocks), which has reached approximately three times the historical norm. These and other indicators are at levels previously only seen at times when the market was approaching a peak before entering a period of retrenchment.
https://lao.ca.gov/Publications/Report/5104

^[PDF] Reforming Davis-Dolwig: Funding Recreation in the State Water Project

SWP’s Budget Development Lacks Checks and Balances. We are concerned that the process the Department of Water Resources (DWR) follows to develop SWP budgets lacks checks and balances that would help ensure accountability.
https://lao.ca.gov/2009/rsrc/Reforming_Davis-Dolwig/Davis-Dolwig_030909.pdf

^[PDF] THE ECONOMIC AND FISCAL IMPACTS OF CALIFORNIA'S AIRCRAFT GROUND TIME EXEMPTION

Generally. there are four different levels of inspection re- quired of aircraft in addition to the minor service (turnaround or terminal checks) performed every time a plane is at an airport which has a maintenance station.
https://lao.ca.gov/reports/1979/02_fiscal_impacts_of_californias_aircraft_ground_time_exemption.pdf

^[PDF] Department of Real Estate: Opportunities to Improve Consumer Protection

An individual whose license has been suspended or restricted may petition the Com- missioner for full reinstatement of the license. How Does DRE Track Criminal Convictions? Under current law, applicants for an original real estate license are required to provide fingerprints for a criminal background check by the State De- partment of Justice (DOJ).
https://lao.ca.gov/2009/trns/real_estate/real_estate_051209.pdf

Oversight of certain public benefit artificial intelligence (AI) companies. [Ballot]

Jan 20, 2026 - If such changes affect company profits or employment levels in California, it would affect state and local tax revenues. Whether this woul d occur is uncertain. Summary of Major Fiscal Effects. The measure would have the following major fiscal effects: Increased state costs that would likely be in the tens of millions of dollars annually to establish and operate a new regulatory commission overseeing certain public benefit AI com panies.
https://lao.ca.gov/BallotAnalysis/Initiative/2025-033

Building Reserves to Prepare for a Recession

Mar 7, 2018 - By most measures, the recession of the early 1990s was more severe than the dot ‑com bust in the early 2000s. For example, unemployment in California reached 9. 7  p ercent in mid ‑ to late ‑1992, but peaked at 6. 9  p ercent after the dot ‑com bust.
https://lao.ca.gov/Publications/Report/3769

^[PDF] Overview of Recent Changes in the In-Home Supportive Services Program

Providers complete and sign an IHSS provider enrollment form and return it in person to the county or public authority.  Step 2: Criminal Background Check. Providers must be fi ngerprinted and pass a criminal background check.  Step 3: Program Orientation.
https://lao.ca.gov/handouts/socservices/2009/IHSS_Overview_10_28_09.pdf

Rideshare companies. [Ballot]

Dec 17, 2025 - Level of Legal Responsibility in Lawsuits Can Vary Among Road Users. Under current law, various types of road users face different levels of legal responsibility. For example, noncommercial drivers generally are required to exercise a reasonable level of care when operating their vehicles.
https://lao.ca.gov/BallotAnalysis/Initiative/2025-029