November 3, 2026 general election
California Proposition 42; what a yes or no vote means.
Bars new state taxes on ownership of financial assets and other personal property; it also restricts certain retroactive state taxes.
Bottom line
What Proposition 42 does
Bars new state taxes on ownership of financial assets and other personal property; it also restricts certain retroactive state taxes.
The measure is a initiative constitutional amendment placed on the ballot by petition signatures. Its official title is “Prohibits New State Personal Property Taxes and Certain Retroactive State Taxes.”
A yes vote
Yes means
California could not establish new taxes on ownership of financial assets or other personal property.
A no vote
No means
California would retain the option to establish new taxes on those assets or other personal property.
State estimate
What it could cost
Future state tax revenue might not rise as much.
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 42 guide