* .Increases personal income tax rates on annual earnings over $7,316 using sliding scale from .4%

for lowest individual earners to 2.2% for individuals earning over $2.5 million, for twelve years.

* During first four years, allocates 60% of revenues to K-12 schools, 30% to repaying state debt,

and 10% to early childhood programs. Thereafter, allocates 85% of revenues to K-12 schools,

15% to early childhood programs.

* Provides K-12 funds on school-specific, per-pupil basis, subject to local control, audits, and public

input.

* Prohibits state from directing new funds.