Taxes. Two-Thirds Vote Requirement.

TAXES. TWO-THIRDS VOTE REQUIREMENT. INITIATIVE CONSTITUTIONAL AMENDMENT. Requires two-thirds vote of members in each house of the Legislature for approval of any increase in state taxes. Requires two-thirds vote of electorate for approval of any initiative or legislative measure increasing state taxes. Defines state taxes and special taxes and local government special taxes . Provides that this measure becomes effective on the date of the election for this measure and applies to measures appearing on same ballot. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local governments: Unknown, but probably not significant, reductions in state tax revenues. Unknown, but potentially significant, reductions in state and local regulatory fee revenues