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

Mar 9, 2026 - The three minor downturns  (1981, 1987, and 1990) led to income tax declines of less less than 10 percent (average of 5 percent), with revenues recovering quickly. The four major downturns were more severe, with income tax declines ranging from 17 percent to 30 percent (average of 24 percent).
https://lao.ca.gov/LAOEconTax/Article/Detail/852

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

Mar 9, 2026 - The three minor downturns  (1981, 1987, and 1990) led to income tax declines of less less than 10 percent (average of 5 percent), with revenues recovering quickly. The four major downturns were more severe, with income tax declines ranging from 17 percent to 30 percent (average of 24 percent).
https://lao.ca.gov/LAOEconTax/article/Detail/852

California’s Strong Revenue Trends Mask Looming Budget Risk

Jan 23, 2026 - The current discrepancy over the size of the state ’s budget deficit —$18  billion under the Legislative Analyst ’s Office estimate versus $3  billion in the Governor ’s budget —fits squarely within that pattern.
https://lao.ca.gov/Publications/Report/5104

Firearms and Ammunition Revenue Update (2025 Q2) [EconTax Blog]

Aug 18, 2025 - Preliminary Total for 2024-25: $58 Million. For firearm and ammunition excise tax returns filed for 2024-25, the total amount of tax due is $58 million —a bit lower than the budget package revenue assumption.
https://lao.ca.gov/LAOEconTax/Article/Detail/836

Oversight of certain public benefit artificial intelligence (AI) companies. [Ballot]

Jan 20, 2026 - Civil penalties on covered co mpanies may be assessed as a percentage of annual gross revenue, beginning at 5 percent for initial violations and increasing to as much as 100 percent for violations that remain u ncured over specified time periods.
https://lao.ca.gov/BallotAnalysis/Initiative/2025-033

The 2026-27 Budget: California's Fiscal Outlook

Nov 19, 2025 - This is about $5  billion larger than the budget problem anticipated by the administration in June. Figure  3 provides our estimates of the General Fund condition, including our estimate of the budget problem.
https://lao.ca.gov/Publications/Report/5091

Firearms and Ammunition Revenue Update (2025 Q3) [EconTax Blog]

Nov 18, 2025 - Current tax return data suggest that the total will be around $58 million. Preliminary Total for Third Quarter of 2025: $13 Million. For firearm and ammunition excise tax returns filed for the third quarter of 2025, the total amount of tax due is $13 million —slightly below the quarterly average in the first year of the program.
https://lao.ca.gov/LAOEconTax/Article/Detail/842

Firearms and Ammunition Revenue Update (2025 Q3) [EconTax Blog]

Nov 18, 2025 - Current tax return data suggest that the total will be around $58 million. Preliminary Total for Third Quarter of 2025: $13 Million. For firearm and ammunition excise tax returns filed for the third quarter of 2025, the total amount of tax due is $13 million —slightly below the quarterly average in the first year of the program.
https://lao.ca.gov/LAOEconTax/article/Detail/842

The 2024-25 Budget: Overview of the Governor's Budget

Jan 13, 2024 - Specifically, we suggest the Legislature: (1) plan for lower revenues, (2) maintain a similar reserve withdrawal, (3) develop a plan for school and community college funding, (4) maximize reductions in one ‑time spending, and (5) apply a higher bar for any discretionary proposals and contain ongoing service level.
https://lao.ca.gov/Publications/Report/4825

The 2021-22 Budget: California Arts Council

Feb 1, 2021 - The council ’s enabling legislation directs it to ( 1)  e ncourage artistic awareness and expression, ( 2)  a ssist local groups in the development of arts programs, ( 3)  p romote the employment of artists in both the public and private sectors, ( 4)  p rovide for the exhibition of artworks in public buildings, and ( 5)  e nsure the fullest expression of artistic potential.
https://lao.ca.gov/Publications/Report/4337