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

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

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

The 2026-27 Budget: Governor’s Office of Land Use and Climate Innovation Proposals

Mar 19, 2026 - . $6.2 $6.2 Administrative and legislative Support 37.5 existing positions to conduct activities related to human resources, accounting, budget, contracts, facilities, EEO, and legislative analysis. 3.4 Support four existing positions working on land use planning and CEQA-related workload. 0.9 Statutorily Required Judicial streamlining Support four existing
https://lao.ca.gov/Publications/Report/5167

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

Proposition 98 Key Inputs and Outcomes Under 2024-25 Budget Package [EdBudget]

Jul 29, 2024 - Proposition 98 Key Inputs and Outcomes Under 2024-25 Budget Package [EdBudget]     a Includes $6.2 billion in funding that exceeds the revised calculation of the Proposition 98 guarantee. For the purpose of calculating the guarantee in future years, the $6.2 billion is attributed to 2022-23.
https://lao.ca.gov/Education/EdBudget/Details/894

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

Tracking Changes in the Proposition 98 Guarantee [EdBudget]

Jul 29, 2024 - Tracking Changes in the Proposition 98 Guarantee [EdBudget]     a The June 2024 budget plan provides nearly $6.2 billion more than the Proposition 98 guarantee in 2022-23. This amount is attributed to 2022-23 for the purpose of calculating the guarantee in future years but accrued to the 2026-27 through 2035-36 fiscal years for state budgeting and accounting purposes.      
https://lao.ca.gov/Education/EdBudget/Details/893