Article Source:  CA Secretary of State

Proposed Initiative Enters Circulation: Imposes One-Time Tax On Certain Individuals And Trusts. Initiative Constitutional Amendment And Statute.

Sacramento, Calif. – California Secretary of State Shirley N. Weber Ph.D. announced that the proponent of a new initiative was cleared to begin collecting petition signatures on December 26, 2025.

The Attorney General prepares the legal title and summary that is required to appear on initiative petitions. When the official language is complete, the Attorney General forwards it to the proponent(s) and to the Secretary of State, and the initiative may be circulated for signatures. The Secretary of State then provides a calendar of deadlines to the proponent(s) and to county elections officials. The Attorney General’s official title and summary for the measure is as follows:

IMPOSES ONE-TIME TAX ON CERTAIN INDIVIDUALS AND TRUSTS. INITIATIVE CONSTITUTIONAL AMENDMENT AND STATUTE. Imposes one-time tax of up to 5% on taxpayers and trusts with covered assets valued over $1 billion; covered assets include businesses, securities, art, collectibles, and intellectual property, but exclude real property and some pensions and retirement accounts. Allocates 90% of these tax revenues for health care, 10% for food assistance or education-related programs; prohibits using revenues to replace existing funding for these purposes. Exempts such tax revenues from constitutional requirements for school funding, budget reserves, and state spending limit. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local governments: Temporary increase in state revenues from a new tax on the wealth of billionaires. These wealth tax revenues probably would add up to tens of billions of dollars spread over several years. Likely ongoing decrease in state income tax revenues of hundreds of millions of dollars or more per year. (25-0024A1.)

The Secretary of State’s tracking number for this measure is 2001 and the Attorney General's tracking number is 25-0024A1.

The proponent of the measure, Suzanne Jimenez, must collect signatures of 874,641 registered voters (eight percent of the total votes cast for governor in the November 2022 general election) in order for the measure to become eligible for the ballot. The proponent has 180 days to circulate petitions for the measure, meaning the signatures must be submitted to county elections officials no later than June 24, 2026. The address for the proponent is c/o George M. Yin, Kaufman Legal Group, 445 S. Figueroa Street, Suite 2400, Los Angeles, CA 90071. The proponent may also be contacted at (213) 452-6565 and gyin@kaufmanlegalgroup.com.

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