IMPOSES ADDITIONAL REQUIREMENTS FOR VOTERS TO APPROVE LEGISLATURE\u27S TWO-THIRDS VOTE ON STATE TAXES AND TO APPROVE CERTAIN LOCAL TAXES AND FEES. INITIATIVE CONSTITUTIONAL AMENDMENT

Imposes new requirement for voters to approve state tax measures following a two-thirds vote by the Legislature. Exempts short-term emergency taxes from voter-approval requirement. Increases legislative vote requirement to two-thirds for certain fees and taxes currently subject to majority vote. Prohibits Legislature from imposing taxes, fees and assessments on real property and real property sales and transfers, and certain fines. Requires voters to approve by two-thirds vote certain additional local taxes, fees and charges. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local government: Potentially major decrease in state and local revenues and spending in the future, depending upon actions of the Legislature, local governing bodies, and voters