The state borrows $8.4 billion for immune-system research: about half to one research institute and half to competitive grants, with at least half for cancer, heart disease and Alzheimer's. The state gets 10% of revenue from resulting discoveries, and treatments would typically sell at a 20% discount in California.
Proposition 38 · California · Nov 3, 2026
Immunology research bonds
Official title: Authorizes Bonds for Immunology Medical Research. Initiative Statute.
Authorizes $8.4 billion in state bonds for immunology and immunotherapy research.
At a glance
Bond (borrowing)- Does it raise taxes?
- No new tax. Repaid from the state General Fund.
- Estimated cost or revenue
- About $500–600 million a year for about 20 years. Some cost could be recovered from research revenue, but the amount is unknown.
- Who pays
- State General Fund.
- Where the money goes
- Immunology and immunotherapy research.
- How long
- About 20 years of repayment.
From the official voter guide and the state’s fiscal analysis. Estimates are the state’s, not ours.
Your choice
Saved privately on this device.What your vote does
No new state bonds for this research.
How the money works
TypeBond (borrowing)
Amount borrowed$8,400,000,000
A bond is a loan.
It’s repaid by: State General Fund.
Cost, who pays and where the money goes are in “At a glance” above.
What your guides say
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Why they disagree
Could lead to treatments or cures for cancer, Alzheimer's and heart disease, and keeps research moving despite federal cuts.
Official ballot argument for (summary)Takes on billions in debt with no guarantee of payback; research priorities belong in scientific review and the budget, not the ballot.
Official ballot argument against (summary)Who’s funding it
We haven’t loaded campaign-finance filings for Proposition 38 yet. You can look them up directly:
Sources
- California Secretary of State
Proposition 38: Official Voter Information Guide · Official title, summary, vote effects and fiscal impact
Checked Oct 31, 2026 - Easy Voter Guide (League of Women Voters of California Education Fund)
Easy Voter Guide, November 3, 2026 · State propositions
Checked Nov 1, 2026