Beginning in 2024, requires that cap-and-trade revenues accumulate in a reserve fund until the Legislature, by a two-thirds majority, authorizes use of the revenues. Proposition 70 is a legislative constitutional amendment.
Fiscal Impact: Beginning in 2024, potential temporary increase in state sales tax revenue, ranging from none to a few hundred million dollars annually, and possible changes in how revenue from sale of greenhouse gas emission permits is spent.
Semi-Official Election Results:
No votes: 2,362,545 [63.6%]
Yes votes: 1,351,913 [36.4%]