Section 2 of the bill refers a ballot issue to the voters at the
November 2025 statewide election to allow the state to retain and spend
state revenue that would otherwise need to be refunded for exceeding the
estimate in the ballot information booklet analysis for Proposition FF and
to allow the state to maintain the increases in state taxable income established in Proposition FF that would otherwise need to be decreased.

If voters reject the ballot issue, the state will both:
- Refund $26,265,621 to individuals who have a federal
taxable income of $300,000 or more and claimed itemized
or standard state income tax deductions greater than
$12,000 for single tax return filers and $16,000 for joint tax
return filers; and
- Adjust the limit on itemized deductions established in
Proposition FF to a level that would have reduced the
amount of income tax revenue attributable to these
itemized deductions by $26,265,621.

If voters approve the ballot measure:
- The state will not refund $26,265,621 to individuals who
have a federal taxable income of $300,000 or more and
claimed itemized or standard state income tax deductions
greater than $12,000 for single tax return filers and $16,000
for joint tax return filers; and
- The increases in federal taxable income as a result of
Proposition FF will stay at the levels established by
Proposition FF.