California voters will decide Proposition 3 on November 3, 2026, which would permanently extend income tax rates on high earners originally approved in 2012 and extended in 2016, currently scheduled to sunset after 2030. The measure qualified for the ballot in June 2026 after supporters submitted over 962,000 valid signatures, well above the threshold, with backing from the California Teachers Association and other education unions directing roughly 89 percent of revenue to K-12 schools and 11 percent to community colleges. Historical precedent of prior approvals, combined with September polling showing 58 percent support, underpins the 73.5 percent trader-implied probability for passage while leaving room for shifts from campaign spending or turnout patterns.