California voters reject Prop. 41, which could have invalidated billionaire tax, CBS News projects

By Jose Fabian

California voters rejected Proposition 41, which would have changed state tax and spending rules and could have possibly invalidated the billionaire wealth tax if it had passed, CBS News projects.

Prop. 41 would have required the state auditor to review programs if its funding were drawn from new special taxes, and the review would have to be done before a measure could qualify for the ballot. Additionally, the measure looked to restrict California’s ability to exclude new special-tax revenue from the state spending limit and would have required audits every four years for special-tax-funded programs.

There was also a provision in Prop. 41 that could have invalidated a conflicting measure, such as Prop. 40, if it received more “Yes” votes. 

Both measures, Prop. 41 and Prop. 40, were rejected by voters, CBS News projects.