2026 California Ballot: Proposition 42

Proposition 42: Prevents any new state tax on personal property (all things other than real estate), and would revoke taxes enacted after January 1, 2026.

According to CalMatters:

• This proposition was put in place on the ballot by opponents of Prop. 40 (Billionaire Tax). Proposition 42 would nullify Proposition 40 if it receives more votes.

FISCAL IMPACT: Possibility that tax revenues will not go up as much in the future.

"Yes" Vote: The State of California could not establish new taxes on ownership of financial assets or other personal property.

"No" Vote: The State of California has the option to continue establishing new taxes on ownership of financial assets or other personal property.

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