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] Promoting Access to Higher Education: A Review of the State's Transfer Process

Building on recent legislative efforts, our proposals further attempt to standardize the process, so that students can more easily identify transferable courses and have greater flexibility to apply to multiple campuses.
https://lao.ca.gov/2006/CCC_transfer/CCC_transfer_011706.pdf

^[PDF] Back to Basics: Improving College Readiness of Community College Students

More than one-half of regularly admit- ted CSU freshmen are unprepared for college-level writing or math. According to the CCC Chancellor’s Of- fice, about 90 percent of incoming CCC students are not proficient in transfer (university) level math or English.
https://lao.ca.gov/2008/edu/ccc_readiness/ccc_readiness_0608.pdf

^[PDF] 080735.indd

Although current law allows school districts to provide differential pay for different types of teachers, most districts choose not to do so—instead providing salaries solely based a teacher’s years of experience and level of education.
https://lao.ca.gov/2009/edu/teacher_recruitment/teacher_recruitment_030409.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

^[PDF] Supplemental Report of the 2004 Budget Act

Department of General Services, Various Sites—Structural Retrofit Studies: The amount of $815,000 is provided for 19 individual studies to evaluate future seis- mic retrofit projects that will reduce the Seismic Risk Level of 19 buildings from Risk Levels V and IV to Risk Level III.
https://lao.ca.gov/2004/supp_report/supp_rpt_2004_budget_act.pdf

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

We further recommend that the Legislature carefully evaluate the policy and legal implications for the state before adopting the administration’s proposal to modify state law to declare that no historical state funding obli‑ gation exists for Davis‑Dolwig costs.
https://lao.ca.gov/2009/rsrc/Reforming_Davis-Dolwig/Davis-Dolwig_030909.pdf

^[PDF] Overview of California’s Master Plan for Higher Education

Great Disparities in Transfer Rates • The CCC Chancellor’s Office calculates transfer rates using a base that includes only students who (1) attempted a transferable math or English course and (2) completed at least 12 units within a six-year period.
https://lao.ca.gov/handouts/education/2005/Master_Plan_Overview_022205.pdf