Proposition 1: Housing and Veterans Bond

Authorizes $11.25 billion in state general obligation bonds. Approximately $10 billion would support affordable rental housing and homeownership programs, while $1.25 billion would support housing programs for veterans. Because this is a general obligation bond, taxpayers would repay the principal and interest over time.

Proposition 2: Larger State Rainy Day Fund

Raises the constitutional limit on California’s principal budget reserve from approximately 10 percent of General Fund revenues to 20 percent, allowing the state to save more during prosperous years.

Proposition 3: Permanent Tax on Higher Incomes

Makes permanent income tax rates originally approved in 2012 and currently scheduled to expire in 2031. The rates apply at higher income levels and generate an estimated $5 billion to $15 billion annually. Revenue is allocated primarily to public schools and community colleges, while also making other General Fund money available for health care, reserves, and additional programs.

Proposition 4: Public Financing of Political Campaigns

Amends existing restrictions so state and local governments may establish public campaign financing programs. Certain public funds, including money designated for education, transportation, and public safety, could not be used. Participating candidates would be subject to spending and use restrictions.

Proposition 5: Changes to State Recall Elections

Changes the process for recalling statewide officers. Under the current system, voters decide whether to remove the officeholder and simultaneously choose a possible replacement. Under Proposition 5, a successful recall would be followed by a separate election to choose the replacement.

Proposition 37: Middle Income Homebuyer Loan Program

Authorizes up to $25 billion in revenue bonds to provide eligible buyers with fixed rate secondary mortgages covering as much as 17 percent of the purchase price of certain newly constructed or converted homes. Borrowers must meet residency, occupancy, income, and down payment requirements. The bonds are intended to be repaid through homeowner mortgage payments rather than general tax revenue.

Proposition 38: Immunology Research Bond

Authorizes $8.4 billion in general obligation bonds for immunology and immunotherapy research. The state would pay approximately $500 million annually for 25 years to repay the debt. Funding would be divided between a University of California affiliated nonprofit institute and grants to public or nonprofit research institutions.

Proposition 39: Voter Identification and Citizenship Verification

Requires voters to present government issued identification when voting in person or provide the final four digits of an identification number when voting by mail. It requires the state to provide voter identification cards upon request and requires counties to report the percentage of registered voters whose citizenship has been verified.

Proposition 40: Billionaire Wealth Tax

Imposes a one time tax of up to 5 percent on covered assets held by individuals and trusts with more than $1 billion in assets. Covered property includes businesses, securities, artwork, intellectual property, and other holdings. The proceeds would primarily fund health care, with smaller amounts for food assistance and education programs.

Proposition 41: Audits and State Spending Limit

Requires audits of programs receiving money from newly proposed state special taxes. It also prohibits new state taxes from excluding their revenue from the existing voter approved state spending limit. The restriction would apply to new taxes appearing on the same ballot, creating a direct conflict with Proposition 40.

Proposition 42: Ban on Wealth Taxes and Retroactive Taxes

Prohibits new state taxes on the ownership or control of personal property, including financial assets, investment accounts, business interests, retirement accounts, and intellectual property. It also prohibits certain taxes from applying retroactively to conduct or status occurring before the tax took effect.

Proposition 43: Two Thirds Approval for Local Special Taxes

Requires citizen initiated local special taxes to receive approval from two thirds of voters rather than a simple majority. Special taxes are taxes dedicated to a particular purpose, such as housing, transportation, or public services.

Proposition 44: Community Clinic Spending Requirement

Requires nonprofit federally qualified health centers to spend at least 90 percent of revenue on patient services and other qualifying program expenses. Clinics that fail to comply could face penalties, though waivers would be available in exceptional circumstances.

Proposition 45: CEQA Reform

Expedites environmental review for many housing, transportation, water, health, and clean energy projects. It sets deadlines for agencies, limits some requirements to analyze alternative project designs, and restricts the timing, evidence, and remedies available in litigation challenging project approvals.

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