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

Mar 9, 2026 - This Time Might Be Different, but It Is Not Safe to Bet on It.   As our office warned last November, it now appears time to take seriously the notion that the stock market has become overheated. While there is a chance that this time is different and no such downturn is forthcoming, the risk appears strong enough that we have incorporated it into the state 's revenue outlook.  
https://lao.ca.gov/LAOEconTax/Article/Detail/852

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

Mar 9, 2026 - This Time Might Be Different, but It Is Not Safe to Bet on It.   As our office warned last November, it now appears time to take seriously the notion that the stock market has become overheated. While there is a chance that this time is different and no such downturn is forthcoming, the risk appears strong enough that we have incorporated it into the state 's revenue outlook.  
https://lao.ca.gov/LAOEconTax/article/Detail/852

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

Jan 12, 2026 - That said, recent budgets have set the SFEU bet ween $3.5  billion and $4.5  billion, so the Governor ’s budget proposal to set the balance to $4.5  billion is generally in line with recent policy.
https://lao.ca.gov/Publications/Report/5101

The 2026-27 Budget: California's Fiscal Outlook

Nov 19, 2025 - The 2026-27 Budget: California's Fiscal Outlook Executive Summary Not Safe to Bet Artificial Intelligence ( AI) Fueled Exuberance Is Sustainable. Both the California and U.S. economies currently face significant headwinds.
https://lao.ca.gov/Publications/Report/5091

The 2025-26 California Spending Plan: Judiciary and Criminal Justice

Oct 24, 2025 - Gambling Litigation Workload. $5  million one-time General Fund —$2.7  million in 2025-26, $1.5  million in 2026-27, and $784,000 in 2027-28 —to address gambling-related litigation authorized by Chapter  860 of 2024 (SB  549, Newman).
https://lao.ca.gov/Publications/Report/5085

The 2024-25 Spending Plan: Judiciary and Criminal Justice

Sep 10, 2024 - It also includes $1.6  million one time each from the Special Distribution Fund and Gambling Control Fund (for a total of just under $3.2  million) for a project to manage gambling licensing workload.
https://lao.ca.gov/Publications/Report/4924

Gaming. [Ballot]

Dec 18, 2023 - These cardrooms are regulated by the local governments that authorized them, the Cal ifornia Gambling Control Commission (CGCC), and the California Department of Justice (CA DOJ). Horse Racing. Currently, four tracks as well as 28 fairs and satellite facilities in 17  counties accept wagers on horse racing.
https://lao.ca.gov/BallotAnalysis/Initiative/2023-030

Sports wagering. [Ballot]

Dec 18, 2023 - These include tribal gambling in casinos, the state lottery, cardrooms that operate certain card games, and horse racing wagering.   Tribal-State Compacts. Native American tribes possess special status under federal law.
https://lao.ca.gov/BallotAnalysis/Initiative/2023-031

An Update on California Competes [EconTax Blog]

Mar 10, 2023 - One potential interpretation is that the state is making high risk-high reward bets on businesses. While many of these bets do not pan out, the ones that do can be successful enough to yield overall benefits for the state.
https://lao.ca.gov/LAOEconTax/Article/Detail/771

Tribal gaming. [Ballot]

Dec 27, 2021 - These cardrooms are regulated by the local governments that authorized them, the Cal ifornia Gambling Control Commission (CGCC), and the California Department of Justice (DOJ). Horse Racing. Currently, four tracks as well as 30 fairs and satellite facilities in 17  counties accept wagers on horse racing.
https://lao.ca.gov/BallotAnalysis/Initiative/2021-039