STATE BUDGET. TAXES. VOTING REQUIREMENTS. INITIATIVE CONSTITUTIONAL AMENDMENT AND STATUTE.

STATE BUDGET. TAXES. VOTING REQUIREMENTS. INITIATIVE CONSTITUTIONAL AMENDMENT AND STATUTE. Permits Legislature to enact budget and budget-related appropriation and tax bills with 55% vote rather than current 2/3 vote. Such taxes expire after three years unless voters approve. Legislature, Governor permanently lose salary, expenses each day budget is late. Requires that Legislature stay in session until budget is passed. Requires budget summary in state ballot pamphlet and link to Internet website with legislators\u27 voting records on budget, related taxes. Requires 25% of certain state revenue increases be deposited in reserve fund, which cannot be used to increase state spending. Summary of estimate by Legislative Analyst of fiscal impact on state and local governments: Varying state fiscal impacts from lowering the legislative vote requirement for spending and temporary tax increases related to the budget -- including potentially significant increases in state tax revenues and spending in some years. Fiscal impacts would depend on the composition and actions of future Legislatures