How Have Past Stock Market Downturns Affected Income Tax Revenue? [EconTax Blog]

Mar 9, 2026 - Recent enthusiasm around Artificial Intelligence (AI) has pushed the stock market to record highs and boosted compensation for the state 's technology workers. The Nasdaq composite, which includes the California headquartered companies Nvidia, Google, Facebook, Apple, AMD, and Broadcom, has doubled since 2023.
https://lao.ca.gov/LAOEconTax/Article/Detail/852

How Have Past Stock Market Downturns Affected Income Tax Revenue? [EconTax Blog]

Mar 9, 2026 - Recent enthusiasm around Artificial Intelligence (AI) has pushed the stock market to record highs and boosted compensation for the state 's technology workers. The Nasdaq composite, which includes the California headquartered companies Nvidia, Google, Facebook, Apple, AMD, and Broadcom, has doubled since 2023.
https://lao.ca.gov/LAOEconTax/article/Detail/852

Frequently asked questions concerning Facebook and California's General Fund

Aug 1, 2012 - How Does Facebook 's Depressed Stock Price Affect the State Budget?   All of the state 's Facebook revenue projections were developed prior to the IPO in May  in line with California 's standard budget calendar.
https://lao.ca.gov/Recommendations/Details/618

LAO commentary on Facebook IPO and state revenue forecasts

May 15, 2012 - Comparisons with prior forecasts are complicated, given the changes since January in the Governor ’s proposed tax measure and the recent inclusion of revenues related to Friday ’s planned initial public offering (IPO) of stock by Facebook, Inc.
https://lao.ca.gov/Recommendations/Details/596

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

Comparisons with prior forecasts are complicated, given the changes since January in the Governor ’s proposed tax measure and the recent inclusion of revenues related to Friday ’s planned initial public offering (IPO) of stock by Facebook, Inc.
https://lao.ca.gov/laoapp/budgetlist/PublicSearch.aspx?PolicyAreaNum=70&KeyCol=596&Yr=2012

The 2022-23 Budget: California’s Fiscal Outlook

Nov 17, 2021 - In considering the state ’s 2022 ‑23 SAL estimates, we anticipate the state ’s SAL position in 2023 ‑24 to be a major consideration in the budget process and enactment. Our estimates for the state ’s SAL position across the budget window are also shown in the insert in Figure 6.
https://lao.ca.gov/Publications/Report/4472

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

The 2022-23 Budget: California's Fiscal Outlook Press Availability - The 2022-23 Budget: California's Fiscal Outlook Press Availability [Video]

The 2022-23 Budget: California's Fiscal Outlook Press Availability - The 2022-23 Budget: California's Fiscal Outlook Press Availability [Video] Search LAO Videos The 2022-23 Budget: California 's Fiscal Outlook Press Availability November 17, 2021 Legislative Analyst Gabriel Petek hosts a video call with members of the press
https://lao.ca.gov/Videos/Player?playlistId=116

The 2026-27 Budget: Supplemental Security Income/State Supplementary Payment (SSI/SSP) Program

Mar 3, 2026 - SSP Grants Were Increased in 2016-17, 2021-22, 2022-23, and 2023-24.  Since the Great Recession, as seen in Figure  2, grants for individuals and couples have been increased four times —in 2016-17 (by 2.76  percent), 2021-22 (by 23.95  percent), 2022-23 (by 10.3  percent), and 2023-24 (by 9.2  percent).
https://lao.ca.gov/Publications/Report/5148

Cannabis Tax Revenue Update (2025 Q4) [EconTax Blog]

Feb 26, 2026 - Chapter 56 of 2022 (AB 195, Committee on Budget) eliminated the cultivation tax on July 1, 2022. Preliminary Total for Fourth Quarter of 2025: $145 Million. The administration currently estimates that retail excise tax revenue was $145 million in the fourth quarter of calendar year 2025 (October through December).
https://lao.ca.gov/LAOEconTax/Article/Detail/851