California Proposition 42: Restrictions on personal-property and retroactive taxes
California · Constitutional amendment · Taxes · Statewide decision
Explanation reviewed 2026-10-27. AI-written and checked against linked official evidence; not an election-office summary.
AI-written summary
Would bar new state taxes on ownership of personal property, including financial assets, and certain taxes based on conduct or status predating their effective date. The restrictions apply to taxes enacted or taking effect from January 1,2026.
What applies now
Some personal property is taxed, but ownership of financial assets generally is not. The proposed restrictions on new state taxes do not yet apply.
If yes / for
Adopt the new constitutional tax restrictions.
If no / against
Retain the current tax-authorization framework.
Costs and funding
Future revenue could be lower than otherwise, but timing and amount depend on future tax proposals.
Timing
Implementation date not independently established in this baseline.
Passage rule
A majority of votes cast on the proposition.
Some official sources do not have comparable automated archives. Consult the linked evidence and its review date.
Source notes
- The official guide says Proposition40 could be blocked if conflicting Proposition41 or42 passes with more yes votes; courts may need to resolve the conflict.