Attorney General No.

SA2003RF0057

Secretary of State No.

1024

Description

FUNDING FOR K-12 EDUCATION AND VOLUNTARY UNIVERSAL PRESCHOOL PROGRAM. COMMERCIAL PROPERTY TAXES. INITIATIVE CONSTITUTIONAL AMENDMENT AND STATUTE. Provides additional funding for K-12 public education; establishes voluntary universal preschool program. Funds provided through additional taxes on commercial real property and commercial residential rental property that produces income. Creates state fund and allocates monies: 2/3 for kindergarten through 12th grade, including class size reduction, textbooks, teacher salaries, benefits and training; 113 for voluntary universal preschool. Prohibits using funds for administrative costs as specified. Requires annual audits. Provides small business personal property tax exemption; reimburses state/local government to offset revenue decrease. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local governments: Additional property taxes on income-producing property of approximately $6 billion annually (net), beginning in 2005-06. These revenues would be used for state-funded universal preschool and specified K-12 education purposes.

Proponents

Barbara Kerr, Rob Reiner, clo Robin B. Johansen, Remcho, Johansen & Purcell, 201 Dolores Avenue, San Leandro, CA 94577, (510) 346-6200

Date

1-12-2004

Document Type

Initiative

Qualified

Failed to Qualify

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