CA SB797

Authorizes the Peninsula Corridor Joint Powers Board to levy a retail transactions and use tax at a rate not to exceed 0.125% for Caltrain rail service operations and capital purposes.

Requires approval from a two-thirds majority of the board's directors and a two-thirds majority vote from voters in San Francisco, San Mateo, and Santa Clara Counties.

Requires prior approval from the boards of supervisors of all three counties and the San Francisco Municipal Transportation Agency, San Mateo County Transit District, and Santa Clara Valley Transportation Authority.

Allows the tax to exceed the existing 2% statewide limit on combined transactions and use taxes in counties.

Net revenues from the tax must be dedicated exclusively to operating and capital purposes of the Caltrain rail service.