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

LAO commentary on Facebook IPO and state revenue forecasts

May 15, 2012 - The administration also forecasts that around $80 million would be generated in IPO-related PIT revenues i n both 2013-14 and 2014-15. The administration ’s estimates assume a $35 IPO share price and a $35 share price roughly six months from now when a large volume of RSU settlement activity is scheduled to occur.
https://lao.ca.gov/Recommendations/Details/596

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

The administration also forecasts that around $80 million would be generated in IPO-related PIT revenues in both 2013-14 and 2014-15. The administration ’s estimates assume a $35 IPO share price and a $35 share price roughly six months from now when a large volume of RSU settlement activity is scheduled to occur.
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

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

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

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

The 2026-27 Budget: Judicial Branch

Feb 11, 2026 - In combination, as shown in Figure  3 , it makes it likely that at least $21  billion could be needed to complete the list of 80 projects. These costs will likely continue to increase over time due to inflation and various other factors.
https://lao.ca.gov/Publications/Report/5113

California Community Colleges Federal Funds: Student Financial Aid [EdBudget]

Jan 29, 2026 - California Community Colleges Federal Funds: Student Financial Aid [EdBudget] $465 23% Notes: For community colleges, the bulk of federal funding (more than 80 percent in 2023-24) is for student financial aid.
https://lao.ca.gov/Education/EdBudget/Details/1042