California could reap a bonanza of '$1 billion or more' in new taxes from the upcoming stock offering of ride-hailing service Lyft, according to former California State Treasurer John Chiang.
California could reap a bonanza of"$1 billion or more" in new taxes from the upcoming stock offering of ride-hailing service Lyft, according to state's former treasurer.
According to its regulatory filing Monday, Lyft is gearing up for an initial public offering that values the company at near $20 billion. Lyft itself proposes to raise more than $2 billion in proceeds from the IPO. For Californians, the state taxes capital gains like any other income. As of 2017, about 70 percent of the the state's general fund revenues come from personal income tax collections.
Meantime, Uber is reportedly planning to kick off its offering next month in a deal valuing the San Francisco-based company at a whopping $120 billion.
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