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: Higher Education Overview

Feb 5, 2026 - Among the Governor’s one‑time proposals, we think the proposal to first retire the CCC payment deferral is prudent, as it leaves community colleges in a better position to weather a fiscal downturn. We think the Governor’s one‑time proposals for deferred maintenance projects and a student support block grant also are reasonable.
https://lao.ca.gov/Publications/Report/5112

The 2026-27 Budget: K-12 Proposals

Feb 19, 2026 - The administration ind icates it plans to modify this part of the proposal in the May Revision and may allow funds to be used for a broader set of activities related to community  schools. Effects of Community Schools Model Research Finds Benefits to Community Schools Model.
https://lao.ca.gov/Publications/Report/5131

The Bay-Delta Plan and Voluntary Agreements: Ensuring Effective Legislative Oversight

Mar 18, 2026 - We conclude this section with a discussion of the potential economic impacts of the proposed plan updates. Evolution of Current Sacramento/Delta Updates SWRCB Began the Sacramento/Delta Update Process in 2012.
https://lao.ca.gov/Publications/Report/5163

Firearms and Ammunition Revenue Update (2025 Q4) [EconTax Blog]

Feb 18, 2026 - Firearms and Ammunition Revenue Update (2025 Q4) [EconTax Blog] Firearms and Ammunition Revenue Update (2025 Q4) February 18, 2026 Seth Kerstein Beginning July 2024, Chapter 231 of 2023 (AB 28, Gabriel) imposed an 11 percent excise tax on retail sales of firearms, firearm precursor parts, and ammunition, with some exemptions.
https://lao.ca.gov/LAOEconTax/article/Detail/849

Firearms and Ammunition Revenue Update (2025 Q4) [EconTax Blog]

Feb 18, 2026 - Firearms and Ammunition Revenue Update (2025 Q4) [EconTax Blog] Firearms and Ammunition Revenue Update (2025 Q4) February 18, 2026 Seth Kerstein Beginning July 2024, Chapter 231 of 2023 (AB 28, Gabriel) imposed an 11 percent excise tax on retail sales of firearms, firearm precursor parts, and ammunition, with some exemptions.
https://lao.ca.gov/LAOEconTax/Article/Detail/849

Cannabis Tax Revenue Update (2025 Q4) [EconTax Blog]

Feb 26, 2026 - Cannabis Tax Revenue Update (2025 Q4) [EconTax Blog] Cannabis Tax Revenue Update (2025 Q4) February 26, 2026 Seth Kerstein Background. In November 2016, California voters approved Proposition 64 , which legalized the nonmedical use of cannabis.
https://lao.ca.gov/LAOEconTax/Article/Detail/851

Cannabis Tax Revenue Update (2025 Q4) [EconTax Blog]

Feb 26, 2026 - Cannabis Tax Revenue Update (2025 Q4) [EconTax Blog] Cannabis Tax Revenue Update (2025 Q4) February 26, 2026 Seth Kerstein Background. In November 2016, California voters approved Proposition 64 , which legalized the nonmedical use of cannabis.
https://lao.ca.gov/LAOEconTax/article/Detail/851