November 3, 2026 general election
California Proposition 38; what a yes or no vote means.
Authorizes $8.4 billion in state general obligation bonds for immunology and immunotherapy research at California institutions.
Bottom line
What Proposition 38 does
Authorizes $8.4 billion in state general obligation bonds for immunology and immunotherapy research at California institutions.
The measure is a initiative statute placed on the ballot by petition signatures. Its official title is “Authorizes Bonds for Immunology Medical Research.”
A yes vote
Yes means
California could borrow $8.4 billion to support the specified medical research.
A no vote
No means
California could not borrow the proposed $8.4 billion for that research.
State estimate
What it could cost
Estimated state repayment costs of $500 million to $600 million annually for about 20 years; research revenue could offset some or all of that cost, but the amount is uncertain.
That is the fiscal effect summarized from the state voter guide. Estimates describe likely government effects; they are not a promise of an exact future result.
Primary record
Read the complete state analysis
This explainer is a starting point. The Secretary of State’s guide carries the impartial analysis, fiscal estimate, arguments for and against the measure, rebuttals and proposed law. Read that record before making a decision.
Open the official Proposition 38 guide