The measure institutes a state wealth tax that levies a new tax on the net assets of state residents as of January 2010 equal to roughly 40 percent on the first $2.5 million of wealth and 55 percent on amounts in excess of $2.5 million. The measure also imposes a new tax on the income of specified individuals when they die or move out of California. The measure also makes changes to PIT, and transfers $25 billion from the Environmental Superfund to the General Fund for three consecutive years.