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

COVID-19: American Rescue Plan’s Major Health-Related Funding Provisions

May 6, 2021 - The green line shows how the ARP Act goes beyond the level of subsidies provided by the state subsidy program across all income groups. The ARP Act ’s subsidies are more generous than those currently provided by the state subsidy program.
https://lao.ca.gov/Publications/Report/4425

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

The 2026-27 Budget: Permitting Support at the State Water Resources Control Board [Publication Details]

Mar 2, 2026 - In this post, we assess the Governor’s proposal for new positions and associated funding at the State Water Resources Control Board to manage increased workload stemming from a recent U.S. Supreme Court decision.
https://lao.ca.gov/Publications/Detail/5144

The 2026-27 Budget: Permitting Support at the State Water Resources Control Board

Mar 2, 2026 - Water quality is governed by the federal Clean Water Act (CWA) and state Porter-Cologne Water Quality Control Act. Under CWA, the U.S. Environmental Protection Agency (EPA) establishes national standards and delegates authority to SWRCB and its nine regional water boards (collectively referred to as the water boards) to administer federal permitting programs.
https://lao.ca.gov/Publications/Report/5144

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

Improving Legislative Oversight of Emergency Authorities

Apr 10, 2025 - Figure  3 shows the distribution of the 36 states by the amount of time in which their Governors or Legislatures must act. At the federal level, the National Emergencies Act (NEA) was enacted in 1976 to rein in presidential emergency powers and provides that a national emergency will end automatically after one year unless the President publishes a notice of renewal in the Federal Register.
https://lao.ca.gov/Publications/Report/5029

Improving Legislative Oversight of Emergency Authorities [Publication Details]

Apr 10, 2025 - In this report, we describe how the Legislature has delegated some of its core powers to allow the Governor to exercise emergency authorities during a state of emergency. Next, we assess the degree to which this is necessary to facilitate emergency response and whether there are adequate oversight mechanisms in place.
https://lao.ca.gov/Publications/Detail/5029