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PROP 42: The Retirement and Personal Savings Protection Act of 2026
Proposition 42 would add a new article to the California Constitution with two main provisions: First, it would prohibit any new taxes on personal property—both tangible (i.e., personal belongings) and intangible (savings, retirement accounts, financial assets, business ownership, intellectual property, etc.)—while leaving existing property taxes untouched. In effect, this would require that the California legislature get voters’ approval before creating any new property taxes. Second, it would prohibit new taxes that impose liability for past residency or conduct, with a narrow exception allowing taxes to reach back up to 365 days if tied to a governor-declared emergency and dedicated to addressing it.