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 - Thus, the IPO share price--being higher than that assumed in the budget--provides a small benefit to the budget. More recently, Facebook share prices have fallen far below levels assumed in the state 's revenue projections.
https://lao.ca.gov/Recommendations/Details/618

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

LAO commentary on Facebook IPO and state revenue forecasts

May 15, 2012 - As we discussed in our February publication, The 2012-13 Budget: Economic and Revenue Update , the amount of IPO-related tax revenues cannot be predicted with any degree of precision. There are many reasons for the difficulties in forecasting these tax revenues.
https://lao.ca.gov/Recommendations/Details/596

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

Summary of LAO Findings and Recommendations on the 2012-13 Budget Summary of LAO Findings and Recommendations on the 2012-13 Budget Create a summary list by choosing a Policy Area OR Department below, and clicking Go.  
https://lao.ca.gov/laoapp/budgetlist/PublicSearch.aspx?PolicyAreaNum=70&KeyCol=596&Yr=2012

The 2026-27 Budget: Overview of the Governor's Budget [Publication Details]

Jan 12, 2026 - The 2026-27 Budget: Overview of the Governor's Budget [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/5101

The 2026-27 Budget: California's Fiscal Outlook [Publication Details]

Nov 19, 2025 - The 2026-27 Budget: California's Fiscal Outlook [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/5091

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 2025-26 Budget: Overview of the Spending Plan

Oct 16, 2025 - The 2025-26 Budget: Overview of the Spending Plan 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/Report/5079/1