• Imposes one-time tax of up to 5% on certain taxpayers 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 Legislative Analyst’s Estimate of Net State and Local Government Fiscal Impact:  

• Temporary state revenue increase from a new wealth tax on billionaires. These wealth tax revenues probably would add up to tens of billions of dollars spread over several years.  

• Possible ongoing decrease of less than $1 billion per year in state income tax revenue collected from billionaires.