California's Legislative Analyst's Office said Wednesday that "hundreds of millions of dollars" of income tax revenue assumed in the state budget are at risk if shares of Facebook Inc. remain down from their initial public offering price.

The state's nonpartisan financial and policy adviser said in a note that Gov. Jerry Brown's budget assumes expected $1.9 billion in income-tax revenue for fiscal 2012 and 2013 combined attributed to the Facebook IPO.

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