By msnbc.com staff
Among the myriad investors out there salivating over the prospect of a Facebook initial public offering (and the slews of millionaires it will create), there's one group you may not have thought of: the people who manage states' finances.
They see all those potential Facebook millionaires and billionaires as eventual taxpayers who can help fill their coffers and close their budget gaps.
California is a case in point. According to the Sacramento Bee, the state's non-partisan Legislative Analyst's Office has started calling the potential tax windfall?for the state's finances "The Facebook Effect." It estimates California could reap as much as $1 billion over the next few years.
It could be a case of counting chicks before they hatch, though. The benefit the state (or any state) receives from the Facebook Effect will only come if and when investors sell their shares. To help reduce California's current $9.2 billion budget gap,?investors would need to receive and then sell their shares before the end of the year.
That hasn't stopped state officials from dreaming, however.?
"We don't know what the specific amount is going to be, but if it's as significant as it's projected, then on behalf of a very grateful state, I will happily go to Mark Zuckerberg's house and wash his windows or mow his lawn," the Bee said?H.D. Palmer, spokesman for the state Department of Finance, quipped.
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