Prohibits New State Personal Property Taxes and Certain Retroactive State Taxes. Initiative Constitutional Amendment.

Summary

Prohibits any new state tax (1) imposed on the ownership of personal property (all things people own other than real estate), or (2) that applies retroactively based on taxpayer’s past activities. Nullifies taxes enacted after January 1, 2026 that conflict with this measure. Fiscal Impact: Possibility that tax revenues will not go up as much in the future. Supporters: CA Professional Firefighters; State Building & Construction Trades Council of CA; AMVETS Department of CA Opponents: US Senator Bernie Sanders; SEIU United Healthcare Workers West

Money Raised

Chart depicts total fundraising by all committees primarily formed for and against Prop 42.Totals are updated daily with contributions from Power Search and adjustments from the most recent Political Reform Division analysis.

Largest Contributions

Showing the 10 largest contributions to committees formed primarily for and against Prop 42 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.

Yes on Prop 42

BUILDING A BETTER CALIFORNIA
03/13/2026

$16,000,000

BUILDING A BETTER CALIFORNIA
07/24/2026

$10,000,000

BUILDING A BETTER CALIFORNIA
02/27/2026

$9,000,000

BUILDING A BETTER CALIFORNIA
05/15/2026

$8,000,000

BUILDING A BETTER CALIFORNIA
04/17/2026

$5,000,000

BUILDING A BETTER CALIFORNIA
08/14/2026

$5,000,000

BUILDING A BETTER CALIFORNIA
04/10/2026

$4,500,000

BUILDING A BETTER CALIFORNIA
04/03/2026

$4,000,000

BUILDING A BETTER CALIFORNIA
02/20/2026

$2,750,000

BUILDING A BETTER CALIFORNIA
09/11/2026

$1,000,000

No on Prop 42

No contributions have been reported to the No on 42 campaign in the election cycle when it appeared on the ballot.

What your vote means

Yes

A YES vote on this measure means: The state could not establish new taxes on the ownership of financial assets or other personal property.

No

A NO vote on this measure means: The state would continue to have the option to establish new taxes on the ownership of financial assets or other personal property.

Arguments

Pro

California’s Constitution currently allows the Legislature to tax retirement and savings—even though you already paid taxes on that money when you earned it! Prop. 42 protects Californians from this double taxation, by prohibiting new and retroactive taxes on personal property, including retirement and savings. You earned it. Prop. 42 protects it.

Con

This is just another billionaire-funded trick. Prop. 42 isn’t really about protecting your retirement savings—its only real purpose is to undo the California Billionaire Tax. Billionaires would rather millions of Californians lose healthcare than pay a modest tax on their extreme wealth. Vote NO on 42.

Campaigns

For

Yes on 42—Protect Retirement and Life Savings, a coalition of retirees, blue-collar workers, seniors, veterans, small business and taxpayers: info@yesonprop42.org; YesOnProp42.org