Proposition 10: Alternative Fuel Vehicles and Renewable Energy. FAILED

Bond. Statute.
Authorizes $5 billion in bonds paid from state’s General Fund, allocated approximately as follows:

• 58% in cash payments of between $2,000 and $50,000 to purchasers of certain high fuel economy and alternative fuel vehicles;
• 20% in incentives for research, development and production of renewable energy technology;
  
• 11% in incentives for research and development of alternative fuel vehicle technology;
• 5% in incentives for purchase of renewable energy technology; 4% in grants to eight cities for education about these technologies;
• and 3% in grants to colleges to train students in these technologies.

Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local government:

• State costs of about $9.8 billion over 30 years to pay both the principal ($5 billion) and interest ($4.8 billion) costs on the bond.
• Payments of about $325 million per year.
• Increase in state sales tax revenues of an unknown amount, potentially totaling in the tens of millions of dollars, over the period from 2009 to beyond 2018.
• Increase in local sales tax and VLF revenues of an unknown amount, potentially totaling in the tens of millions of dollars, over the period from 2009 to about 2018-19.
• Potential state costs of up to about $10 million annually, through about 2018 -19, for state agency administrative costs not funded by the measure.

(Initiative 07-0101.)

More on the CA Secretary of State's site.