California Proposition 42 — Prohibits New State Personal Property Taxes and Certain Retroactive State Taxes
Ballot measure · November 3, 2026
- What it does
- Prohibits new state taxes on personal property, including business interests, intellectual property, and financial assets (including assets in retirement and investment accounts). Prohibits new state taxes that apply retroactively based on the taxpayer’s conduct, activities, or a status that occurred before the new tax’s effective date. Applies to new taxes that are enacted or take effect on or after January 1, 2026. States that other voter-approved measures appearing on the same ballot are void if they conflict with this measure and this measure receives more affirmative votes. Summary of Legislative Analyst's estimate of net state and local government fiscal impact: Possibility that tax revenues will not go up as much in the future.
- A YES vote means
- The state could not establish new taxes on the ownership of financial assets or other personal property.
- A NO vote means
- The state would continue to have the option to establish new taxes on the ownership of financial assets or other personal property.
- Needed to pass
- A simple majority
- Put on the ballot by
- citizen initiative
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Also on California ballots
- Proposition 1 — Authorizes Bonds for Housing Affordability Programs
- Proposition 2 — Increases State’s Rainy Day Fund
- Proposition 3 — Provides Permanent Funding for Schools and Health Care by Extending Existing Tax on High Incomes
- Proposition 4 — Repeals Prohibition Against Public Funding of Election Campaigns
- Proposition 5 — Changes Recall Election Process for Statewide Officers
- Proposition 37 — Creates Loan Program for Middle-Income Buyers of Qualified New Homes
- Proposition 38 — Authorizes Bonds for Immunology Medical Research
- Proposition 39 — Prohibits Citizens from Voting Unless They Present Government-Issued Identification
- Proposition 40 — Imposes One-Time Tax on Certain Taxpayers
- Proposition 41 — Prohibits New State Taxes That Exclude Revenues from State Spending Limit. Requires Audits for New State Special Taxes
- Proposition 43 — Limits Voters’ Ability to Raise Revenues for Local Government Services
- Proposition 44 — Requires Community Health Clinics Spend 90% Of Revenue on Program Services
- Proposition 45 — Modifies Environmental Review for Certain Projects
Quick answers
- What does a YES vote on California Proposition 42 mean?
- The state could not establish new taxes on the ownership of financial assets or other personal property.
- What does a NO vote on California Proposition 42 mean?
- The state would continue to have the option to establish new taxes on the ownership of financial assets or other personal property.
- How many votes does California Proposition 42 need to pass?
- A simple majority
- Should I vote yes or no on California Proposition 42?
- SpectrumVote doesn't endorse anyone or tell you how to vote. Read what a YES and a NO vote each do, and the official text, then decide based on what you want to happen.
- When is the vote?
- The general election is Tuesday, November 3, 2026. Early voting and mail-ballot deadlines vary by state; check your state or county election office.