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

Mar 9, 2026 - Revenues regained their nominal levels in 55 months after the dot-com bubble, 53 months following the global financial crisis, and 40 months after the 2022 rate hike drawdown. Multi-year revenue declines amplify the strain on the state budget during major market downturns.  
https://lao.ca.gov/LAOEconTax/Article/Detail/852

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

Mar 9, 2026 - Revenues regained their nominal levels in 55 months after the dot-com bubble, 53 months following the global financial crisis, and 40 months after the 2022 rate hike drawdown. Multi-year revenue declines amplify the strain on the state budget during major market downturns.  
https://lao.ca.gov/LAOEconTax/article/Detail/852

California’s Strong Revenue Trends Mask Looming Budget Risk

Jan 23, 2026 - After the dot-com bust and the Great Recession, it took four and five years, respectively, for revenues to recover. Incorporating revenue risk into the budget now, therefore, reflects prudence, not pessimism.
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

The 2022-23 California Spending Plan: Child Care and Preschool

Oct 27, 2022 - Budget trailer legislation increases the income eligibility threshold for State Preschool from 75  percent of the state median income to 100  percent. In addition, the budget package exempts children with disabilities from the income criteria if they are enrolled within the provider ’s target percentage (5  percent of enrollment for 2022-23, increasing to 10  percent by 2024-25).
https://lao.ca.gov/Publications/Report/4643

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

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

Jan 20, 2026 - The measure would have the following major fiscal effects: Increased state costs that would likely be in the tens of millions of dollars annually to establish and operate a new regulatory commission overseeing certain public benefit AI com panies.
https://lao.ca.gov/BallotAnalysis/Initiative/2025-033

The 2025-26 Budget: Food Assistance Programs

Feb 19, 2025 - The shift from a mix of state and federal funds in 2024-25 to all General Fund in 2025-26 is largely due to the end of a federal policy allowing states to temporarily replace stolen SNAP benefits using federal funds from October 1, 2022 to December 31, 2024 (California has therefore returned to replacing any stolen benefits with state funds, as was its practice before October 2022).
https://lao.ca.gov/Publications/Report/4971

California labor law violations. [Ballot]

Nov 23, 2021 - [Ballot] Pursuant to Elections Code Section 9005, we have reviewed the proposed statutory initiative   "The Fair Pay and Employer Accountability Act of 2022 " (A.G. File No. 21-0027, Amendment  No. 1).
https://lao.ca.gov/BallotAnalysis/Initiative/2021-027