Attorney General No.
Secretary of State No.
Adds 3 percent to personal income tax rate on annual earnings over $1,000,000; adds 5 percent for earnings over $2,000,000. Allocates new revenues as follows: 36 percent for K-12 schools, 24 percent for public colleges and universities, 25 percent for services to children and senior citizens, 10 percent for public safety, and 5 percent for road and bridge maintenance. Provides local governments discretion to decide, subject to financial audits, how to spend new funds, except funds cannot go toward capital outlay or certain administrative costs. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local government: Increased state personal income tax revenues dedicated to public universities, school districts, community college districts, and other local public services. Estimates of the revenue increases vary—for 2012-13, from $6 billion to $9.5 billion and for 2013-14, from $4 billion to $6 billion. These revenues would tend to grow in later years.
Failed to Qualify
Tax to Benefit Public Schools, Social Services, Public Safety, and Road Maintenance. Initiative Statute. California Initiative 1565 (2012).