PROP
30
TEMPORARY TAXES TO FUND EDUCATION.
GUARANTEED LOCAL PUBLIC SAFETY FUNDING.
INITIATIVE CONSTITUTIONAL AMENDMENT.
OFFICIAL TITLE AND SUMMARY
PREPARED BY THE ATTORNEY GENERAL
TEMPORARY TAXES TO FUND EDUCATION. GUARANTEED LOCAL PUBLIC SAFETY FUNDING. INITIATIVE CONSTITUTIONAL AMENDMENT.
- Increases personal income tax on annual earnings over $250,000 for seven years.
- Increases sales and use tax by ¼ cent for four years.
- Allocates temporary tax revenues 89% to K–12 schools and 11% to community colleges.
- Bars use of funds for administrative costs, but provides local school governing boards discretion to decide, in open meetings and subject to annual audit, how funds are to be spent.
- Guarantees funding for public safety services realigned from state to local governments.
Summary of Legislative Analyst’s Estimate of Net State and Local Government Fiscal Impact:
- Additional state tax revenues of about $6 billion annually from 2012–13 through 2016–17. Smaller amounts of additional revenue would be available in 2011–12, 2017–18, and 2018–19.
- These additional revenues would be available to fund programs in the state budget. Spending reductions of about $6 billion in 2012–13, mainly to education programs, would not take effect.