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

^[PDF] Microsoft PowerPoint - CSBA_120409.ppt

Microsoft PowerPoint - CSBA_120409.ppt Presented to: California School Boards Association December 4, 2009
https://lao.ca.gov/handouts/FO/2009/CSBA_120409.pdf

^[PDF] Microsoft PowerPoint - SBFR_022608.ppt

Microsoft PowerPoint - SBFR_022608.ppt Analysis of the 2008-09 Budget Bill Legislative Analyst’s Office February 2008 www.lao.ca.gov
https://lao.ca.gov/handouts/FO/2008/SBFR_022608.pdf

^[PDF] Microsoft PowerPoint - p98_basics_0409[1].ppt [Read-Only]

Microsoft PowerPoint - p98_basics_0409[1].ppt [Read-Only] The Basics of Proposition 98 A Tutorial for State Policymakers Legislative Analyst’s Office
https://lao.ca.gov/2009/edu/prop98_primer/p98_basics_0409_grayscale.pdf

^[PDF] Microsoft PowerPoint - Whats a Mandate Learning Through Examples_rev3.ppt [Read-Only]

Microsoft PowerPoint - Whats a Mandate Learning Through Examples_rev3.ppt [Read-Only] What’s a Mandate: Learning Through Examples Legislative Analyst’s Office December 2006 www.lao.ca.gov
https://lao.ca.gov/2007/whats_a_mandate/Acro/What_is_a_Mandate-Examples.pdf

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

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

The 2025-26 Budget: CalAIM Enhanced Care Management and Community Supports Implementation Update [Publication Details]

Mar 6, 2025 - The 2025-26 Budget: CalAIM Enhanced Care Management and Community Supports Implementation Update [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/5003