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

Mar 9, 2026 - By most measures, the global financial crisis was more severe than the dot-com crash. The state 's unemployment rate, for example, peaked at 7 percent following the dot-com crash but reached nearly double that during the financial crisis and remained elevated for much longer.
https://lao.ca.gov/LAOEconTax/Article/Detail/852

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

Mar 9, 2026 - By most measures, the global financial crisis was more severe than the dot-com crash. The state 's unemployment rate, for example, peaked at 7 percent following the dot-com crash but reached nearly double that during the financial crisis and remained elevated for much longer.
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

Updated "Big Three" Revenue Outlook [EconTax Blog]

Aug 21, 2023 - Not long after the big upgrade in May 2000, revenues dropped $13 billion (18 percent) in 2001-02. After the May 2006 upgrade, revenues were flat in 2007-08 and then dropped $16 billion (17 percent) in 2008-09.
https://lao.ca.gov/LAOEconTax/Article/Detail/777

Updated "Big Three" Revenue Outlook [EconTax Blog]

Aug 21, 2023 - Not long after the big upgrade in May 2000, revenues dropped $13 billion (18 percent) in 2001-02. After the May 2006 upgrade, revenues were flat in 2007-08 and then dropped $16 billion (17 percent) in 2008-09.
https://lao.ca.gov/LAOEconTax/article/Detail/777

A Review of State Standards and Inspections for Local Detention Facilities

Feb 16, 2021 - Working groups that are appointed by ESCs to carry out subtasks and make recommendations. For example, the ESC tasked with reviewing local detention facility standards convenes multiple working groups, each focused on a particular subject area (such as nutritional health).
https://lao.ca.gov/Publications/Report/4371

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: Single Sales Factor for Financial Institutions [EconTax Blog]

Feb 13, 2025 - A Replication of “Coveting Thy Neighbor ’s Manufacturing: The Dilemma of State Income Apportionment ” (Journal of Public Economics 2000). Public Finance Review, 43(2), 185-205. Serrato, Juan Carlos Su árez & Owen Zidar, (2018).
https://lao.ca.gov/LAOEconTax/Article/Detail/821

The 2026-27 Budget: California's Fiscal Outlook

Nov 19, 2025 - For California, the dot ‑com era —when stocks rose and then fell precipitously in response to widespread adoption of the internet —offers the most salient example. The internet has proven to be a transformative technology and, yet, the stock market ’s initial reaction was clearly overly exuberant.
https://lao.ca.gov/Publications/Report/5091

Trends in CalWORKs: Participant Characteristics

Jun 16, 2025 - As shown in Figure  1 , about 34  million individuals resided in California in 2000. At the beginning of 2024, about 39  million individuals resided in the state, representing a population increase of about 16  percent (relative to  2000).
https://lao.ca.gov/Publications/Report/5057