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California · November 3, 2026 general election · Statewide ballot measure

Proposition 42: what your vote means

New personal property taxes and retroactive taxes. On every California ballot. Official sources checked October 21, 2026.

Proposition 42 · Initiative constitutional amendment

New personal property taxes and retroactive taxes

Heads up: voting YES on this measure would nullify state taxes enacted after January 1, 2026 that conflict with it, and removes the state’s option to create these kinds of taxes.

Official ballot title (quoted exactly)

PROHIBITS NEW STATE PERSONAL PROPERTY TAXES AND CERTAIN RETROACTIVE STATE TAXES. INITIATIVE CONSTITUTIONAL AMENDMENT.

As printed in the Official Voter Information Guide, California Secretary of State (title prepared by the Attorney General).

A YES vote means:

The state could not create new taxes on owning financial assets or other personal property, or certain taxes based on a taxpayer’s past activities, and conflicting taxes enacted after January 1, 2026 would be nullified.

A NO vote means:

The state would keep the option to create new taxes on owning financial assets or other personal property.

What it would change

  • What it prohibits: any new state tax on the ownership of personal property (everything other than real estate) and certain retroactive taxes.
  • What it undoes: nullifies taxes enacted after January 1, 2026 that conflict with the measure.
  • Who is affected: owners of financial assets and other personal property, and future state tax decisions.
  • Fiscal impact (Legislative Analyst): possibility that tax revenues will not grow as much in the future.

Official arguments, summarized

Short neutral summaries of the arguments printed in the official voters’ pamphlet. The committees that wrote them are responsible for their content. Read the full text at the link below.

Argument for

Supporters say it would protect retirement savings and other assets from new taxes on money already taxed.

Argument against

Opponents say the measure is mainly intended to undo the proposed billionaire tax.

Arguments and rebuttals, Proposition 42, Official Voter Information Guide

Who supports it and who opposes it

These lists come from official campaign filings (registered committees) and public endorsements, each linked to its source. They are not complete, and SaveYourState does not endorse anyone listed. Lists checked October 30, 2026.

Who supports it

Who opposes it

Official sources

SaveYourState is independent and nonpartisan, not a government site, and does not take positions on ballot measures. This explainer describes effects only, using the official ballot title, explanatory statement, full text, and fiscal impact statement. If anything here differs from those documents, the official documents control.