Much hoopla or protestation, depending upon your political persuasion, surrounded Monday’s 5:01 p.m. marriage ceremonies in Beverly Hills and San Francisco. Tuesday, papers nationwide covered the ceremonies and foretold the flood of same-sex couples flocking to county registrar offices throughout California to obtain marriage licenses.

While these daily newspapers focused on the strife between proponents and opponents of gay marriage, more attention should be paid to the economic benefit that gay marriage will bring to a deeply indebted California – and what this means for our state’s future.

A June 11, 2008, US News & World Report article on the subject offered a brief analysis of the situation when its author wrote, “Almost as soon as the state Supreme Court declared a state law banning same-sex marriage unconstitutional last month, analysts saw the potential for an economic boomlet.”

Thankfully, someone had the foresight to study this situation and offer an economic analysis. According to a report co-authored by Brad Spears, J.D., and M.V. Lee Badgett, Ph.D., “allowing same-sex couples to marry will result in approximately $63.8 million in revenue over the next three years.” This figure is staggering given that California faces a $15 to $17 billion budget deficit this year alone.

This same study estimates that approximately 51,320 of California’s same sex couples will marry in the next three years and approximately 67,513 out-of-state same-sex couples will travel to California to marry in the next three years, thanks to the fact that the state Supreme Court decision permits out-of-staters to tie the knot in California.

Who knew that the state Supreme Court’s decision finding a ban on same-sex marriage unconstitutional would result in such an economic windfall for California? The Golden State will reap an economic gain from state and local tax revenues from in-state and out-of-state same-sex couples, plus marriage license fees from the same.

Equally important, the fact that same-sex couples tend to have dual incomes and no kids means that they will likely spend lavishly on wedding ceremonies, thereby providing an economic multiplier effect and help local businesses in the wedding industry – flower shops, tuxedo rentals, dress makers, various wedding venues, etc.

To make the revenue picture even rosier, let’s not forget the marriage tax penalty – the lovely higher tax rate heretofore reserved for heterosexual couples. Federal and state income tax coffers should see an uptick based on this alone.

So, while same-sex marriage may be controversial and could be overturned in November ballot measure, the state Supreme Court’s decision couldn’t have happened at a better time. Governor Schwarzenegger recognized it when he came out in support of the decision. The entire State Legislature should rejoice for this new-found revenue source. It may mean fewer program cuts or lower tax increases to balance the budget.

And, I hate to say it, but if same-sex couples behave like heterosexual couples, just think of all the revenue that will be generated when half of these newly married same-sex couples file for divorce. Now we’re talking some real money.