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.READ MORE: Home Surveillance Video Shows Possible Kidnapping In Bell Gardens
If so, the California Treasury would take in hundreds of millions of dollars in capital gains taxes from Facebook investors and employees.READ MORE: Jo Lasorda, Wife Of Dodgers Great Tommy Lasodra, Passes Away At 91
Analysts say the “Facebook effect” would mean a big boost to the state budget.MORE NEWS: Marine Corporal Hunter Lopez Honored By Disneyland With Presentation Of Park's Flag To His Mother
However, the benefits might not be seen for a couple of years.