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ESTABLISHES A TAX CREDIT FOR HOMEOWNERS AND A SUPPLEMENTAL TAX CREDIT FOR RENTERS IN CALIFORNIA. INITIATIVE STATUTE.

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Restricts collection of: unpaid state personal income and corporation taxes and other fines, penalties and debt owed to state/local government, and unpaid child support obligations. Reduces vehicle license fee. Reduces or eliminates Department of Motor Vehicles fees and penalties. Requires voter approval of any new or increased fees to Department of Motor Vehicles. Restricts disclosure of arrests or convictions for driving under the influence and limits use of vehicle ignition locks after such convictions. Limits certain information on consumer credit reports and interest on certain consumer loans. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local government: Reduced state income tax revenue of several billion dollars on a one-time basis over the near term. Reduced annual state income tax revenues potentially in the tens of billions of dollars, depending on how taxpayers and the state respond to the measure’s changes to the state income tax system. Reduced annual state and local revenues of several billion dollars from various charges collected by DMV. These revenues would otherwise primarily support public safety and health and human services at the local level, and the operation of CHP and DMV.


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