(AP Image)

Facebook’s public stock offering tomorrow is projected to generate between $1.6 and $2.1 billion for California’s budget as shareholders cash in their shares over the course of a year.

The nonpartisan Legislative Analyst’s Office increased the state’s revenue projection after Facebook raised the upper range of its initial stock price from $35 per share to $38.

The higher state revenue projection assumes voter approval of Governor Brown’s tax-hike initiative in November.

The analyst’s report says Facebook is expected to drive one-fifth of the growth in California’s personal income this year.