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

The 2026-27 Budget: Overview of the Governor's Budget

Jan 12, 2026 - That said, recent budgets have set the SFEU bet ween $3.5  billion and $4.5  billion, so the Governor ’s budget proposal to set the balance to $4.5  billion is generally in line with recent policy.
https://lao.ca.gov/Publications/Report/5101

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

The 2026-27 Budget: Permitting Support at the State Water Resources Control Board

Mar 2, 2026 - Supreme Court Decision in 2023 Narrowed Federal Jurisdiction … A 2023 U.S. Supreme Court decision — Sackett v. U.S. Environmental Protection Agency ( Sackett ) —narrowed the definition of WOTUS. The ruling limits federal jurisdiction to relatively permanent bodies of water and to wetlands that have a continuous surface connection to WOTUS.
https://lao.ca.gov/Publications/Report/5144

The 2026-27 Budget: Food Assistance Programs

Feb 18, 2026 - Finally, we provide an update on estimates for the Legislature ’s previous action to expand CFAP to undocumented immigrants in 2027-28. Background CalFresh and CFAP CalFresh Provides Federally Funded Nutrition Assistance to Low-Income Californians.
https://lao.ca.gov/Publications/Report/5126

The 2026-27 Budget: Child Welfare

Mar 3, 2026 - Flexible Family Supports and Home ‑Based Foster Care Funding Program $50 million one ‑time in 2022 ‑23 and again in 2023 ‑24, expendable for three years (through June 30, 2026 for the later allocation).
https://lao.ca.gov/publications/report/5147

The 2026-27 Budget: Department of Developmental Services

Mar 13, 2026 - In 2023, the Legislature codified several efforts to make processes across RCs more consistent in order to improve access to services statewide (Chapter  192 of 2023 [S B  138 , Committee on Budget and Fiscal Review]).
https://lao.ca.gov/Publications/Report/5157

The 2026-27 Budget: Proposed Elimination of State Environmental Positions

Feb 17, 2026 - The final budget agreement instead eliminated fewer positions (4,994) and provided the Legislature additional time to review 1,009 additional positions which we refer to as “residual: ” (1)  those associated with implementing legislation chaptered in 2022 and 2023 across numerous departments, and (2)  all of those in nine specified departments which we highlight in Figure  1.
https://lao.ca.gov/Publications/Report/5124

The 2026-27 Budget: California Competes Extension

Mar 18, 2026 - To address this, the 2021, 2022, and 2023 budget acts each provided one-time funding of $120  million for a grant program to supplement the tax credit. The Governor ’s budget proposals in 2024 and 2025 each included $60  million to fund the grant program but were not included in the final budget act due to projected deficits in those years.
https://lao.ca.gov/Publications/Report/5162