IPOs bring tax jackpot for California; can lawmakers resist?

Uber and at least five other major California companies are scheduled to go public this year, and when it happens it will produce a tax windfall for state government.

In the past, state lawmakers have been eager to spend what is a one-time jackpot for recurring state programs. When the inevitable economic downturn occurs, that additional spending saddles the state.

This time, Assembly Budget Chairman Phil Ting says lawmakers are vowing a more cautious approach.  As they work on a budget they must pass by June 15, Ting says he doesn't expect to include any of the expected windfall.

Ride-sharing startup Lyft and social media site Pinterest have already gone public this year. Slack, Palantir, Airbnb and Uber — with an estimated value of as much as $91 billion — are close behind.

The tax windfall for the state is likely to top $1 billion.