Proposition 3 qualifies for the November 2026 ballot after education unions gathered well over the required signatures, extending the high-earner income tax rates first approved in 2012 and renewed in 2016 that are scheduled to expire in 2031. The measure preserves $5 billion to $15 billion in annual revenue, directing 89 percent to K-12 schools and 11 percent to community colleges under the Education Protection Account. Prior extensions passed with 63 percent and 55 percent support, respectively, and the current proposal faces limited organized opposition compared with competing tax initiatives on the same ballot. These factors, combined with established education funding priorities and the measure’s status as a straightforward extension rather than a new levy, underpin the 75 percent implied probability for passage among traders.