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

Mar 9, 2026 - This Time Might Be Different, but It Is Not Safe to Bet on It.   As our office warned last November, it now appears time to take seriously the notion that the stock market has become overheated. While there is a chance that this time is different and no such downturn is forthcoming, the risk appears strong enough that we have incorporated it into the state 's revenue outlook.  
https://lao.ca.gov/LAOEconTax/Article/Detail/852

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

Mar 9, 2026 - This Time Might Be Different, but It Is Not Safe to Bet on It.   As our office warned last November, it now appears time to take seriously the notion that the stock market has become overheated. While there is a chance that this time is different and no such downturn is forthcoming, the risk appears strong enough that we have incorporated it into the state 's revenue outlook.  
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: California Public Utilities Commission’s Implementation of AB 1207

Feb 10, 2026 - These free allowances are intended to protect electric consumers from significant cost increases associated with the program. To that end, utilities are required to consign most of these free allowances to auction and use the proceeds to provide rebates to consumer s, known as the “California Climate Credit. ” These rebates currently are provided to residential customers each year in April and October.
https://lao.ca.gov/Publications/Report/5120

The 2026-27 Budget: California Student Aid Commission

Feb 17, 2026 - To do so, the state is using a General Fund cash loan to cover the payments to students. This approach only works if the state is in a strong cash position. If the state ’s cash position weakens, which has happened during previous fiscal downturns, the state could find that internal borrowing is no longer an option.
https://lao.ca.gov/Publications/Report/5127

The 2026-27 Budget: University of California

Feb 26, 2026 - In 2025 ‑26, the state deferred a $130  million General Fund payment from 2025 ‑26 to 2026 ‑27, while allowing UC to take a no ‑interest General Fund cash loan to cover costs in the meantime. UC requested and received this cash loan in fall 2025.
https://lao.ca.gov/Publications/Report/5143

The 2026-27 Budget: California Department of Corrections and Rehabilitation

Feb 23, 2026 - The Governor proposes $91  million General Fund in 2026 ‑27 and ongoing to pay for the compensable leave cashed out by separating employees. CDCR reports that from 2020 ‑21 to 2024 ‑25, it paid about $130  million annually on average in these payments.
https://lao.ca.gov/Publications/Report/5137

The 2026-27 Budget: California State University

Feb 24, 2026 - CSU requested and received this cash loan in fall 2025. The Governor ’s budget proposes to continue this arrangement, deferring $144  million from 2026 ‑27 to 2027 ‑28, along with offering another no ‑interest General Fund cash loan.
https://lao.ca.gov/Publications/Report/5142

The 2026-27 Budget: Framework for Approaching the Natural Resources, Environmental Protection, and Agriculture Budget

Feb 10, 2026 - Moreover, the state already funds a number of other free state parks pass programs, including for lower ‑income residents who may face more barriers to access. California Air Resources Board (CARB): Zero ‑Emission Vehicle (ZEV) Incentive Program.
https://lao.ca.gov/Publications/Report/5116

The 2026-27 Budget: Supplemental Security Income/State Supplementary Payment (SSI/SSP) Program

Mar 3, 2026 - Background The SSI/SSP program provides cash grants to low-income aged, blind, and disabled individuals. Grant levels for SSI/SSP are determined by both the federal government and the state. Specifically, the federal government pays for the SSI portion of the grant while the state pays the SSP portion of the grant.
https://lao.ca.gov/Publications/Report/5148