California Voters to Decide on Research Bonds
Two proposed state bonds, totaling over $15 billion, would fund biomedical research if approved at the ballot box in 2026 and 2028.
Updated on Nov. 2, 2026 in Biotech
Live Poll
Should California borrow billions to fund research that federal cuts have reduced?
California voters will decide on Senate Bill 895 in the March 2028 primary election, and Proposition 38, an $8.4 billion immunology research bond, will appear on the 2026 midterm ballot. Both are proposals, not enacted law; SB 895 passed the Senate unanimously in August.
Why it matters
The measures respond to roughly $3 billion in scientific research grants canceled by the Trump administration in 2025 and a sharp drop in NIH grant-making afterward. California is proposing to backfill federal research funding with state bonds rather than wait for federal reversal.
The figures are authorized bond ceilings written into bill and ballot text, not appropriated or spent funds. Proposition 38 would borrow from the California General Fund, and the repayment schedule and actual disbursement amounts remain undetermined.
The players
Gary Michelson
Co-founder of the California Institute for Immunology and Immunotherapy and the largest financial contributor to Proposition 38.
California Institute for Immunology and Immunotherapy
Immunology research institute slated to receive half of Proposition 38's $8.4 billion bond.
The details
SB 895 would establish the California Foundation for Science and Health Research, a new body to award grants across the state. Proposition 38 directs half its money to the California Institute for Immunology and Immunotherapy, an institute co-founded by Gary Michelson, who also introduced the measure and is its largest financial backer. Distribution among University of California campuses would be managed by a board drawn from most UC campuses, excluding UC Santa Cruz, UC Santa Barbara and UC Merced.
Timeline
2025: Trump administration cancels roughly $3 billion in research grants.
August 2026: SB 895 passes the Senate unanimously.
2026 midterm elections: Proposition 38 appears on the ballot.
March 2028 primary election: voters decide on SB 895.
The Tech Race
California's proposals follow federal cuts to NIH and NSF research funding that began in 2025 and are projected to deepen in fiscal year 2027. If enacted, the state bonds would position California as a major public funder of biomedical research at the moment federal support is contracting.
If approved, the bonds would direct state money toward biomedical, behavioral and climate health research, with grants distributed through a new state foundation. Timing and funding flow depend on voter approval and later legislative and bond-administration steps not yet set.
The takeaway
Watch whether Proposition 38 reaches the 2026 midterm ballot and how the General Fund repayment is structured. The March 2028 vote on SB 895 will show whether California commits a large public research budget to fill the federal gap.
What happens next
Voters will decide Proposition 38 on the 2026 midterm ballot and SB 895 in the March 2028 primary election.
Further reading
For broader context on the research funding fight, see Biotech coverage in California.
Source note: This article includes information reported by City on a Hill Press.
Live Poll
Should California borrow billions to fund research that federal cuts have reduced?
