Title
K-12 Education. Funding. Commercial Property Taxes. Initiative Statute and Constitutional Amendment.
Attorney General No.
SA2005RF0022
Secretary of State No.
1099
Description
Provides additional funding for kindergarten through grade 12. Funds provided by 0.30% increase in commercial real property tax. Excludes commercial residential rental property. Creates Fund in State Treasury. Fund use restricted to: reducing class size; purchasing textbooks, instructional items; providing teacher salaries, benefits, training. Prohibits use of Fund monies to pay administrative costs. Requires Legislature to set penalties for school district administrators' misuse of Fund monies. Requires annual audit by school districts. Provides small business personal property tax exemption. Reimburses state/local government to offset revenue decrease. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local governments: Additional property tax revenues of about $3 billion annually, beginning in 2006-07. These revenues would be used for specified K-12 education purposes ($2.5 billion) and to backfill state revenue losses and provide targeted property tax relief ($500 million).
Proponents
Roberta B. Johansen, James C. Harrison
Date
3-10-2005
Document Type
Initiative
Qualified
Failed to Qualify
Recommended Citation
K-12 Education. Funding. Commercial Property Taxes. Initiative Statute and Constitutional Amendment. California Initiative 1099 (2005).
https://repository.uclawsf.edu/ca_ballot_inits/1246