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: LAPD Announces Anti-Recidivism Program, Offering Community Programs Over Jail Time For Certain Non-Violent Crimes
If so, the California Treasury would take in hundreds of millions of dollars in capital gains taxes from Facebook investors and employees.READ MORE: Disneyland Drops Temperature Checks, Social Distancing As State Lifts Restrictions
Analysts say the “Facebook effect” would mean a big boost to the state budget.MORE NEWS: Some Residents Confused On If They Should Continue Wearing Face Masks As Mandate Is Lifted
However, the benefits might not be seen for a couple of years.