Beginning in 2024, requires that cap-and-trade revenues accumulate in a reserve fund until the Legislature, by a two-thirds majority, authorizes use of the revenues. Fiscal Impact: Beginning in 2024, potential temporary increase in state sales tax revenue, ranging from none to a few hundred million dollars annually, and possible changes in how revenue from sale of greenhouse gas emission permits is spent.
Chart depicts total fundraising by all committees primarily formed for and against Prop 70.Totals are updated daily with contributions from Power Search and adjustments from the most recent Political Reform Division analysis.
Showing the 10 largest contributions to committees formed primarily for and against Prop 70 in the election cycle when it appeared on the ballot. Contributions in earlier election cycles and contributions between allied committees are excluded. For more information on funding for ballot measure campaigns, visit the Power Search campaign finance search engine.
A YES vote on this measure means: Beginning on January 1, 2024, revenue collected from the sale of state greenhouse gas emission permits would be deposited into a new special fund. These deposits would continue until the effective date of a bill that spends money from that fund, passed with a two-thirds vote of each house of the Legislature. The current state sales tax exemption for manufacturing and certain other equipment would be suspended during the same period that auction revenue is deposited into the special fund.
A NO vote on this measure means: The Legislature could continue to authorize spending state revenue collected from the sale of greenhouse gas emission permits with a majority vote. The current state sales tax exemption for manufacturing and certain other equipment would remain in effect until July 1, 2030.
For background on Proposition 70, an analysis by the legislative analyst, endorsements for and against the measure, and more...
Proposition 70 is SUPPORTED BY DEMOCRATS AND REPUBLICANS, LABOR, BUSINESS; AND FARMERS who want to protect our environment and grow our economy. Forcing a two-thirds legislative vote ensures MONEY IS SPENT WISELY FOR HIGH PRIORITY PROGRAMS THAT BENEFIT ALL CALIFORNIANS AND THAT IT IS NOT DIVERTED FOR PET PROJECTS.www.YesOnProposition70.com
Proposition 70 grew out of an oil industry-backed effort to weaken the state's premier program to curb harmful air pollution and climate change. It will increase legislative gridlock, hurt public health, and empower anti-environmental special interests. 35 environmental organizations and the League of Women Voters California oppose Proposition 70.