SUMMARY: Requires state to provide yearly voucher payments ($17,000 initially, adjusted annually) into Education Savings Accounts for California residents in grades TK-12 attending religious and nonreligious private schools anywhere in the United States. Payments will come from General Fund and property tax revenues currently allocated to public schools (including charter schools). Eliminates constitutional prohibition on state funding of religious and nonreligious private schools. Prohibits state from requiring certain curriculum, disciplinary, or teacher credentialing policies as condition of funding. Creates privately appointed board to distribute payments of public funds. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local governments

FISCAL IMPACT SUMMARY: Increased state costs, likely ranging from $6.3 billion to $10 billion per year, to provide funding for students currently enrolled in private schools. The state could pay for these costs with revenues currently reserved for public schools (or other programs in the state budget). To the extent public school students shift to private schools, the state would have additional costs—likely at least several billion dollars annually—that would be offset by lower spending on public schools. Over time, state costs for public school facilities probably would decrease by a couple hundred million dollars per year. Public schools would experience reductions in state funding and some federal and local funding—as well as reductions in various costs—based on decreases in their enrollment. All of these effects assume the state can legally implement the program to its full extent. (23-0026A1.)  

The State Attorney General issued title and summary (which includes a summary of the LAO's fiscal impact report).

Full Legislative Analyst Office Fiscal Impact Analysis

Signature collection begins November 2023.  Signatures required = 874,641. 
In California, the number of signatures required for an initiated constitutional amendment is equal to 8% of the votes cast in the last gubernatorial election. A simple majority vote is required for voter approval.