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] CalWORKs Program Overview Hearing

CalWORKs Program Overview Hearing Moving Toward Self-Sufficiency: Allowable Activities LAO 60 YEARS OF SERVICE L E G I S L A T I V E A N A L Y S T ’ S O F F I C E March 9, 2005 3 " One-Parent Family: A family is eligible for the one-parent com- ponent of the program if it includes a child who is financially needy due to the death, incapacity, or continued absence
https://lao.ca.gov/handouts/socservices/2005/CalWORKs_program_030905.pdf

^[PDF] HMOs and Rural California

In those rural areas where these steps are not enough to attract HMOs, we identify ways com- munities can develop their own health care sys- tems based on the experience of one rural California county. ■ August 8, 2002 2 L E G I S L A T I V E A N A L Y S T ’ S O F F I C E A N L A O R E P O R T INTRODUCTION How and Why the LAO
https://lao.ca.gov/2002/hmos_rural_ca/8-02_hmos_rural_ca.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] San Diego County Regional Airport Authority: Assessing Governmental Accountability

Key Questions Regarding Changing the Airport Authority’s Governance Structure (Continued) 10L E G I S L A T I V E A N A L Y S T ’ S O F F I C E November 17, 2006 Depending on the size of the governing board and its com- position, it may be possible to stagger terms of offi ce in three groups.
https://lao.ca.gov/handouts/localgov/2006/SD_Airport_Authority_111706.pdf

Building Reserves to Prepare for a Recession

Mar 7, 2018 - By most measures, the recession of the early 1990s was more severe than the dot ‑com bust in the early 2000s. For example, unemployment in California reached 9. 7  p ercent in mid ‑ to late ‑1992, but peaked at 6. 9  p ercent after the dot ‑com bust.
https://lao.ca.gov/Publications/Report/3769

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

The administration’s proposal does not address most of the problems with the ongo‑ ing implementation of Davis‑Dolwig by DWR that we have identified, and in our view, com‑ pounds some of the problems.
https://lao.ca.gov/2009/rsrc/Reforming_Davis-Dolwig/Davis-Dolwig_030909.pdf

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

L e g i s L a t i v e a n a L y s t ’ s O f f i c e a n L a O R e p O R t Benefits of LAO’s Recommended Actions Our proposals for systemwide course requirements would help alleviate institutional barriers that make it difficult for qualified com- munity college students to transfer to UC and CSU.
https://lao.ca.gov/2006/CCC_transfer/CCC_transfer_011706.pdf