Seems kind of pointless. If they wanted to they could just decide a retroactive date from when the law is in action.

Unless there have been updates, this is the current text:

https://oag.ca.gov/system/files/initiatives/pdfs/25-0024A1%2...

It applies only to tax year 2026. Leaving before January avoids the tax; becoming a billionaire after Dec 31, 2026 also avoids the tax.

If this passes, I suspect you are going to see as many shenanigans as people can get away with to delay any sort of valuation process that marks someone as a billionaire. No VC rounds with higher valuations in the second half of 2026?

Remember the saying about being greedy when others are fearful?