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 - After the dot-com bust and the Great Recession, it took four and five years, respectively, for revenues to recover. Incorporating revenue risk into the budget now, therefore, reflects prudence, not pessimism.
https://lao.ca.gov/Publications/Report/5104

^[PDF] Voters FIRST Act for Congress 2021

The measure states that the commission will approve congressional redis- tricting maps every ten years beginning in 2021 (following the 2020 census). The com- mission would draw congressional districts essentially as it draws other district lines under Proposition 11.
https://lao.ca.gov/ballot/2010/100102.pdf

The 2023-24 Budget: May Revenue Outlook [EconTax Blog]

May 13, 2023 - Consistent with recent deterioration in tax collections, our forecast anticipates big three revenues will decline 11 percent in 2022-23. The bulk of this decline is attributable to the personal income tax.
https://lao.ca.gov/LAOEconTax/Article/Detail/774

Whether or Not to Tap Reserves to Solve Estimated Budget Problem Emerges as Key Fiscal Decision Facing California’s Legislature

Apr 19, 2023 - Other downturns, such as the 2001 so-called dot-com recession, had severe fiscal implications while inflicting somewhat milder economic damage. The 2008 Great Recession had brutal effects on both the state ’s economy and budget.
https://lao.ca.gov/Publications/Report/4762

2022-23 Fiscal Outlook Revenue Estimates [EconTax Blog]

Nov 17, 2021 - Whereas revenues grew over 30 percent in 2020-21, our main forecast has growth drop to 8 percent in 2021-22, fall further to about 2 percent in 2022-23, and then becomes slightly negative in 202 3-24.
https://lao.ca.gov/LAOEconTax/Article/Detail/712

^[PDF] The Citizens Fair Districts Act (version 2)

Brown Jr. 2 April 4, 2007 ure establishes a process for the Secretary of State to determine the members of the com- mission. The process would begin with 160,000 randomly selected voters from across the state and eventually reduce that number to 11 members (and 11 alternatives) through a combination of voter information forms, random selections, and legislative leadership input.
https://lao.ca.gov/ballot/2007/070245.pdf

^[PDF] The Citizens Fair Districts Act (version 1)

Brown Jr. 2 April 3, 2007 ure establishes a process for the Secretary of State to determine the members of the com- mission. The process would begin with 160,000 randomly selected voters from across the state and eventually reduce that number to 11 members (and 11 alternatives) through a combination of voter information forms, random selections, and legislative leadership input.
https://lao.ca.gov/ballot/2007/070250.pdf

^[PDF] The Citizens Fair Districts Act (version 3)

Brown Jr. 2 April 6, 2007 ure establishes a process for the Secretary of State to determine the members of the com- mission. The process would begin with 160,000 randomly selected voters from across the state and eventually reduce that number to 11 members (and 11 alternatives) through a combination of voter information forms, random selections, and legislative leadership input.
https://lao.ca.gov/ballot/2007/070253.pdf