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

Mar 9, 2026 - The Nasdaq composite, which includes the California headquartered companies Nvidia, Google, Facebook, Apple, AMD, and Broadcom, has doubled since 2023. The meteoric rise in the value of these companies has led to sizable gains for their investors and their employees via stock options, which has led income tax collections to grow at double-digit rates.  
https://lao.ca.gov/LAOEconTax/Article/Detail/852

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

Mar 9, 2026 - The Nasdaq composite, which includes the California headquartered companies Nvidia, Google, Facebook, Apple, AMD, and Broadcom, has doubled since 2023. The meteoric rise in the value of these companies has led to sizable gains for their investors and their employees via stock options, which has led income tax collections to grow at double-digit rates.  
https://lao.ca.gov/LAOEconTax/article/Detail/852

The 2026-27 Budget: Overview of the Governor's Budget

Jan 12, 2026 - Discretionary Spending Proposals New Spending Proposals of About $600 Million. The Governor’s budget includes around $600 million in new discretionary General Fund spending across the budget window. (We consider a proposal to be “discretionary” if it provides more funding for a program or a service above what is already committed under current law or policy.)
https://lao.ca.gov/Publications/Report/5101

Cap-and-Invest: November 2025 Auction Update and 2026-27 Budget Context

Dec 9, 2025 - In recent years, GGRF has also received about $600  million annually in interest income, which would bring the GGRF balance to a total of about $4  billion under this scenario. This revenue level would be insufficient to fully fund the $4.3  billion in statutory allocations under SB  840, let alone the additional $1.5  billion for activities specified in legislative intent discussed above.
https://lao.ca.gov/Publications/Report/5096

The 2021-22 May Revision: Golden State Stimulus 2

May 18, 2021 - As shown in Figure  2 below, the second round of payments proposed by the Governor includes three different one-time payments: (1) $600 to taxpayers who did not receive the first round $600 payment, (2)  an additional $500 payment to families who claim a dependent (typically a child), and (3)  a separate $500 payment to ITIN filers who claim a dependent.
https://lao.ca.gov/Publications/Report/4435

The 2025-26 Budget: Overview of the Governor's Budget

Jan 13, 2025 - All Other Spending Lower by $600 Million. Across the rest of the budget, the administration’s estimates of baseline spending (for example, for caseload growth, federal reimbursements, and statutory cost increases) are lower than ours by $600 million.
https://lao.ca.gov/Publications/Report/4951

The 2025-26 California Spending Plan: Health

Oct 16, 2025 - The spending plan est imates this action saves $370  million General Fund in 2025-26, rising to $600  million General Fund in subsequent years. In addition, this year ’s health trailer bill adjusts the statutory formula for state rebates on HIV and cancer drugs, estimated to save $75  million General Fund in 2025-26 and $150  million General Fund ongoing in subsequent years.
https://lao.ca.gov/Publications/Report/5075

The 2022-23 Budget: Cap-and-Trade Revenue Update

Apr 29, 2022 - Under those two revenue scenarios, we estimated that total revenue would exceed the Governor’s budget assumptions by $600 million (low scenario) to $2.8 billion (base scenario) over the 2021-22 and 2022-23 fiscal years.
https://lao.ca.gov/Publications/Report/4591

The 2024-25 California Spending Plan: Housing and Homelessness

Oct 16, 2024 - Figure 2 Budget Reductions Result in Varying Levels of Net Funding Provided for Programs Since 2021 ‑22 a One ‑Time General Fund (In Millions) Program Foreclosure Intervention Housing Preservation Program $485 HHAPP Round Five supplemental grants 260 Homeless programs administrative set asides 152 Veterans Housing and Homelessness Prevention Program 100 Regional Early Action Planning grants
https://lao.ca.gov/Publications/Report/4936

The 2025-26 Budget: Partial Income Tax Exclusion for Military Retirement Income [EconTax Blog]

Feb 13, 2025 - The maximum benefit available under the proposal equates to a $600 tax reduction for the average military retiree. The tax savings would be larger for military retirees with higher incomes, most commonly working veterans with nonmilitary wages.
https://lao.ca.gov/LAOEconTax/Article/Detail/820