NEW YORK ( Forbes) -- The highly anticipated Facebook IPO will mint a few new Silicon Valley millionaires and billionaires. But it will also help fill the depleted California governmental coffers. California is hoping to get a $2.5 billion revenue windfall as Facebook employees and investors pay capital gains tax on stock options, according to a report from California's Legislative Analyst's Office. The Facebook IPO "could generate extraordinary, one-time changes in high-income taxpayer data in 2012 and 2013," according the report. Tax revenue will flow in over a period of several years. California expects about $500 million in this fiscal year and $1.5 billion the next. Smaller amounts will trickle in after that. Facebook filed initial documents with the Securities and Exchange Commission Feb. 1 to go public sometime later this year. Right now, Facebook is posed to complete a $5 billion offering, but other reports have put that number considerably high, closer to $10 billion. Regardless, the debut will be the largest from a U.S. Internet company since Google's $1.7 billion 2004 deal.
By Abram Brown, Forbes Staff
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