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

May 18, 2012 - Figure 6 compares the LAO May 2012 revenue estimate related to the Facebook IPO with those in other recent forecasts. The IPO was announced in February and thus was not included in the Governor ’s January 2012 forecast. ( Additional information on our May 2012 Facebook IPO revenue forecast was published on this website on May 15.)
https://lao.ca.gov/Recommendations/Details/599

Frequently asked questions concerning Facebook and California's General Fund

Aug 1, 2012 - At some point in the future, for these and other reasons, state revenue estimates likely will change to display Facebook-related revenues as simply "lumped in" with the state's other taxes. (State tax agency data on actual tax payments, for example, cannot indicate in detail which specific company's stock sales and related transactions resulted in a given amount of tax revenue.)
https://lao.ca.gov/Recommendations/Details/618

LAO commentary on Facebook IPO and state revenue forecasts

May 15, 2012 - While our office ’s state revenue forecast displays Facebook revenues only in the PIT, we acknowledge that the huge amount of wealth resulting from the company ’s IPO will benefit other state and local revenue sources in the near term.
https://lao.ca.gov/Recommendations/Details/596

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

While our office ’s state revenue forecast displays Facebook revenues only in the PIT, we acknowledge that the huge amount of wealth resulting from the company ’s IPO will benefit other state and local revenue sources in the near term.
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

Fiscal Outlook: Estimating Wages and Salaries [EconTax Blog]

Nov 14, 2018 - We expect workers in technology sector jobs —which includes firms conducting data processing, software development, and web search, like Google and Facebook —to see strong growth in both average wages and jobs.
https://lao.ca.gov/LAOEconTax/Article/Detail/321

2010 Initiative Analysis: 21st Century Ballot Reform Act

Internet Display Requirements More Explicit. This proposal adds specific requirements for what is to be included in the Secretary of State's Web site concerning ballot measures. These include links to recent campaign finance reports for proponents of an initiative measure, links to campaign Web sites, links to public hearings held on the subject, among others.
https://lao.ca.gov/ballot/2010/100052.aspx

The 2026-27 Budget: CalWORKs

Feb 18, 2026 - The 2026-27 Budget: CalWORKs $104 1% a TANF carry ‑forward is a non ‑add item for display purposes only. This amount is included in Federal TANF block grant funds. b Less than 0.5 percent. TANF = Temporary Assistance for Needy Families.
https://lao.ca.gov/Publications/Report/5122

^[PDF] 21st Century Ballot Reform Act

Internet Display Requirements More Explicit. This proposal adds specific require- ments for what is to be included in the Secretary of State’s Web site concerning ballot measures. These include links to recent campaign finance reports for proponents of an initiative measure, links to campaign Web sites, links to public hearings held on the subject, among others.
https://lao.ca.gov/ballot/2010/100052.pdf