Proponents of California's 2026 Billionaire Tax Act recently submitted more than 1.5 million signatures in late April, well above the roughly 875,000 valid signatures required to qualify the one-time 5% net-worth levy on residents with assets exceeding $1 billion for the November ballot. This initiative, backed by labor unions and aimed at funding healthcare, education, and food assistance, cleared the Attorney General review last year and gathered signatures at a rapid pace despite opposition from business groups and some elected officials. Signature verification by county officials remains the final procedural step, yet the substantial over-collection supports the current trader consensus reflected in the 87.5% implied probability for qualification. Legal challenges or residency disputes could still emerge before the deadline.