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Unicorn IPOs could mean tax jackpot for California

Photo: Josh Edelson/AFP/Getty Images

Uber and Airbnb are among at least six California-based companies valued at more than $1 billion expected to go public this year, creating a new class of millionaires and billionaires and a potential windfall for state budget writers, the AP reports.

Why it matters: It's an enticing way for lawmakers to fund chosen causes — a temptation legislative leaders are trying to resist. Lawmakers can't count on the money being there every year, and they want to learn from past mistakes.

Go deeper: Public markets take center stage with all eyes on Uber IPO