Attorney General No.
17-0038
Secretary of State No.
1835
Description
Increases student aid funding for undergraduate students at University of California, California State University, and California Community Colleges, by enacting a dedicated tax (ranging from 12-22%, depending on value) on estate property in California valued at $3.5 million or more and transferred upon death. Exempts revenue from constitutionally required: annual state spending limit, minimum-funding guarantee for schools, and state budget reserve deposits. Requires that revenue would supplement, and not replace, existing financial aid programs for college students. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local government: Increased state revenues of a few billion dollars annually, ramping up over the initial few years—with amounts depending upon economic trends, future legislative actions, and taxpayer decisions. The increased revenues would be dedicated first to subsidizing the costs of higher education for students, with any remaining monies dedicated to public education.
Proponents
Danielle Leonard, Altshuler Berzon LLP, 177 Post Street, Suite 300, San Francisco, CA 94108, Phone: 415-421-7151, Email: dleonard@altber.com.
Date
12-15-2017
Document Type
Initiative
Qualified
Failed to Qualify
Recommended Citation
INCREASES STUDENT AID FUNDING AT CALIFORNIA PUBLIC COLLEGES AND UNIVERSITIES BY ENACTING A DEDICATED TAX ON SOME ESTATES. INITIATIVE CONSTITUTIONAL AMENDMENT AND STATUTE. California Initiative 1835 (2017).
https://repository.uclawsf.edu/ca_ballot_inits/2111