Taxes. Referendum.

TAXES. REFERENDUM. INITIATIVE CONSTITUTIONAL AMENDMENT. Repeals by June 1, 1994, all increases in rate or base of any tax, or additional taxes enacted subsequent to January 1, 1991. Declares special funds or accounts may not circumvent two-thirds vote on specific funding of mandated local programs. Refines definition of taxes to include: government imposed charges except fees for services for which government is not sole provider; elimination or reduction of tax deductions, exemptions, credits; and the extension of an expiring tax. Deletes existing exception to electors\u27 referendum power for statutes imposing taxes or appropriations for specified State expenses. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local governments: The measure would result in a state revenue loss of several hundred million dollars in 1993-94; $2.5 billion to $3.5 billion annually in 1994-95 and 1995-96. In 1996-97 and annually thereafter, state revenue losses would total $1.5 billion to $2.5 billion. Local governments would lose revenue of $2.5 billion to $3.5 billion annually beginning 1994-95 from repeal of state-enacted tax increases and unknown total amounts from repeal of locally enacted tax and fee increases. The measure\u27s revised definition of taxes would have an unknown impact on state and local governments