The 2026-27 Budget: California's Fiscal Outlook

Nov 19, 2025 - As shown in Figure  1 , many signs of an overly exuberant stock market are present today: measures of whether stocks are “expensive ” are at historically high levels, investors are borrowing more to buy stocks, and households are more invested in the stock market than they have been in at least 70  years.
https://lao.ca.gov/Publications/Report/5091

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

Mar 9, 2026 - This dynamic may be especially notable today. The current run-up in stock prices is similarly concentrated in Silicon Valley technology companies, raising the risk of an outsized revenue loss if that market corrects sharply.
https://lao.ca.gov/LAOEconTax/Article/Detail/852

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

Mar 9, 2026 - This dynamic may be especially notable today. The current run-up in stock prices is similarly concentrated in Silicon Valley technology companies, raising the risk of an outsized revenue loss if that market corrects sharply.
https://lao.ca.gov/LAOEconTax/article/Detail/852

^[PDF] Overview of Gambling in California

Chapter 509 of 2015 (SB 549, Hall) authorized certain major league sports organizations (such as the Los Angeles Kings Foundation and the San Francisco 49ers Foundation) to conduct raffles at home games where 50 percent of the gross revenue goes to beneficial or charitable purposes, while the other 50 percent is paid to the winners.
https://lao.ca.gov/handouts/crimjust/2019/Gambling-Overview-022619.pdf

^[PDF] Proposition 27: Allows Online and Mobile Sports Wagering Outside Tribal Lands. Initiative Constitutional Amendment and Statute.

The increase would depend mostly on how sports betting is regulated—such as the number of sports betting licenses approved, the type and number of betting options and events offered, and how much state enforcement is done.
https://lao.ca.gov/handouts/crimjust/2022/Prop-27-081022.pdf

^[PDF] Proposition 26: Allows In-Person Roulette, Dice Games, Sports Wagering on Tribal Lands. Initiative Constitutional Amendment and Statute.

Increased State Regulatory Costs „ Increased state costs for state agencies (such as DOJ) to regulate in-person sports betting, possibly reaching the low tens of millions of dollars annually. These costs would depend mostly on how sports betting is regulated, such as what types of bets are not allowed. „ Some or all of these costs would be offset by CSWF revenues and tribal payments to the state that do not go into the CSWF.
https://lao.ca.gov/handouts/crimjust/2022/Proposition-26-081022.pdf

2007 Initiative Analysis: The Proportional Representation in Presidential Elections Act

The national popular vote winner would receive all of the electoral votes of participating states. (If there is a tie regarding the national popular vote winner, then the state would certify the presidential electoral slate that received the plurality of votes in the state.)
https://lao.ca.gov/ballot/2007/070704.aspx

2007 Initiative Analysis: The National Popular Vote for President Act—Version 1

The national popular vote winner would receive all of the electoral votes of participating states. (If there is a tie regarding the national popular vote winner, then the state would certify the presidential electoral slate that received the plurality of votes in the state.)
https://lao.ca.gov/ballot/2007/070703.aspx

^[PDF] The National Popular Vote for President Act—Version 2

The national popular vote winner would receive all of the electoral votes of participat- ing states. (If there is a tie regarding the national popular vote winner, then the state would certify the presidential electoral slate that received the plurality of votes in the state.)
https://lao.ca.gov/ballot/2007/070704.pdf

^[PDF] The National Popular Vote for President Act—Version 1

The national popular vote winner would receive all of the electoral votes of participat- ing states. (If there is a tie regarding the national popular vote winner, then the state would certify the presidential electoral slate that received the plurality of votes in the state.)
https://lao.ca.gov/ballot/2007/070703.pdf