Increases personal income tax on annual earnings over $250,000 for seven years. Increases sales and use tax by ¼ cent for four years. Allocates temporary tax revenues 89 percent to K-12 schools and 11 percent to community colleges. Bars use of funds for administrative costs, but provides local school governing boards discretion to decide, in open meetings and subject to annual audit, how funds are to be spent. Guarantees funding for public safety services realigned from state to local governments. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local government:

Increased state revenues over the next seven fiscal years. Estimates of the revenue increases vary—from $6.8 billion to $9 billion for 2012-13 and from $5.4 billion to $7.6 billion, on average, in the following five fiscal years, with lesser amounts in 2018-19. These revenues would be available to (1) pay for the state's school and community college funding requirements, as increased by this measure, and (2) address the state's budgetary problem by paying for other spending commitments. Limitation on the state's ability to make changes to the programs and revenues shifted to local governments in 2011, resulting in a more stable fiscal situation for local governments. (12-0009)

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This is really the marquee measure on the ballot; the one most closely watched when it comes to Gov. Jerry Brown’s political fortunes and the structure of the state budget.

Prop 30 has two main functions: generate new tax dollars that will allow the budget passed in 2012 to balance, and codify a 2011 deal to transfer control of various services from state to local governments.

But what you’re really hearing about is Prop 30’s impact on schools, and that’s because its failure is expected to hit education hard; this summer’s budget deal includes a provision that automatically cuts $6 billion from K-12 and higher education if Prop 30 is rejected by voters.

The taxes in Prop 30 are temporary, and are largely seen as a Band-Aid until either the state economy resurges… or other budget changes are made by state lawmakers. Brown has staked a lot of political capital on Prop 30.