Attorney General No.

15-0070

Secretary of State No.

1731

Description

Permanently establishes the temporary personal income tax increases enacted in 2012 for annual earnings over $290,000, currently set to expire in 2018. Imposes new personal income tax on annual earnings over $1 million. Allocates these tax revenues 50% to K-12 education, community colleges, and universities; 40% to healthcare for low-income individuals; and 10% to childcare and child development programs. Excludes these revenues from Proposition 98 funding requirements. Establishes a reserve fund, capped at 20% of the annual revenues, for use during state budget emergencies. Requires annual audit of expenditures. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local government: Increased state revenues annually beginning in 2019—likely in the $7 billion to $15 billion range initially—with amounts varying based on stock market and economic trends. These revenues generally would be spent on education and health programs, with a small portion deposited annually to a reserve fund.

Proponents

Cass Trinidad Gualvez, Dietmar Grellman (925) 283-0581 bfadem1@aol.com

Date

11-20-2015

Document Type

Article

Qualified

Failed to Qualify

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