The measure limits state and local taxes to the following: (1) a land tax levied on the monthly rental value of land; (2) a personal income tax on income above $150,000 annually; (3) taxes on alcohol, tobacco, marijuana, and motor fuels; and (4) a severance tax on natural resources such as timber, minerals, and oil. The changes in the measure would take effect on July 1, 2011. At that time, all other existing state and local taxes would cease.