LOS ANGELES (CBS) — California’s economy will likely improve if Facebook stock goes public.

Sources say the world’s largest social networking site is preparing for an initial public stock offering.

If so, the California Treasury would take in hundreds of millions of dollars in capital gains taxes from Facebook investors and employees.

Analysts say the “Facebook effect” would mean a big boost to the state budget.

However, the benefits might not be seen for a couple of years.


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