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State · Yes/No

Proposition 42 — Limits on Personal Property and Retroactive Taxes

Prohibits new state taxes on ownership of financial assets and other personal property, and limits retroactive state taxes. Conflicting taxes enacted after January 1, 2026 would be invalidated.

A yes vote means

The new tax restrictions would apply. If this measure receives more yes votes than Proposition 40, a court could find a conflict that prevents Proposition 40 from taking effect.

A no vote means

The state would retain its existing authority to establish taxes on personal property and enact retroactive taxes.

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