Vote Smart's Synopsis:

Vote to pass a bill that raises revenue through various tax increases, including a tax on oil drilling and tobacco products, and repeals an existing tax on fuel.

Highlights:

-Establishes the Emergency Response Fund in the State Treasury (Sec. 2). -Levies a 4.8% surcharge on all fire and multiperil insurance policies issued or renewed after January 1, 2010 (Sec. 2). -Creates a $15 dollar surcharge in addition to the license fee on any vehicle subject to that license fee, and deposits these funds into the hereby-created State Parks Access Fund for the purpose of funding California state parks (Secs. 3, 5). -Imposes, in addition to current taxes, a $0.075 excise tax per cigarette ($1.50 per pack), effective on October 1, 2009 (Sec. 9). -Establishes an additional tax on all other tobacco products at a rate equal to the new excise tax imposed on cigarettes (Sec. 9). -Imposes a 9.9% severance tax on each barrel of oil severed from the earth in the state of California, based on the gross value of each barrel, and deposits funds collected into the General Fund (Sec. 13). -Exempts oil produced by a stripper well in which the average value of oil last year was less than $30, as well as oil owned by or produced in association with the state or its political subdivisions, from the severance tax (Sec. 13). -States that this act goes into effect immediately upon enactment (Sec. 18).

Full Bill Text