California desperately needs some good budget news. And that's where Facebook comes in.
Sisney: "It's a really big deal."
Jason Sisney is with the non-partisan Legislative Analyst's Office.
Sisney: "Because with the IPO, there will be a series of financial transactions - beginning Friday - that will generate a lot of taxable income for a few thousand Californians."
Particularly Mark Zuckerberg, who by one estimate could pay hundreds of millions of dollars in state taxes himself.
Sisney: "It will not be a panacea - the state's budget problems are much bigger than this amount of money. But it's a real help and it is a bright spot in the state's economy."
Sisney is projecting a one-time windfall of about $2 billion - roughly two percent of the state budget. But he says the state could net a few hundred million less - or a billion or two more.
