California voters approved a complex corporate tax change that would result in out-of-state firms paying an estimated $1 billion more annually for the state budget and clean energy programs.
The initiative was leading 59 percent to 41 percent late Tuesday with 43 percent of the vote counted.
Proposition 39 was backed almost entirely by billionaire hedge fund manager Tom Steyer, who spent $32 million on the campaign.
The initiative would initially pump $500 million into the state budget and education in the first half of 2013. Thereafter, it would also devote about $500 million for clean energy, in addition to $500 million for the budget and education each year.
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