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117 interest groups , rather than merits of the bill . Those familiar with the existing Subdivision Map Act have for some time felt revision was necessary . Committee believed SB1118 takes nothing away from rights of owners and developers to sell and develop their land in accordance with its highest and best use , but rather provides greater clarity as to requirements for orderly development consistent with the local planning process , thereby providing greater certainty as to the potential future use and development of lands . Committee recommended support of SB 1118 . 2 . Tax Reform Program . The Reagan-Moretti Tax Reform Program (AB 1000) would , among other matters , increase the present homeowners ' property tax exemption , provide for refundable income tax credit to renters , allocate funds in new monies to schools , provide reimbursement to local government for losses under the Williamson Land Conservation Act , increase the business inventory exemption , provide reimbursement for sales tax increase to homeowners and renters who are on public assistance , provide $ 103 , 000 , 000 in new money to cities from increased vehicle license fees , and impose tax rate limits on units of local government . The bill is a comprehen- sive effort to meet the need for tax reform and relief . Although the Bill represents a compromise made under pressure of the Watson Initiative , Committee felt the Bill merits support . Committee believed Council should recognize that a concerted effort by proponents of the Watson Initiative will be made in the near future , timed so as to be most effective in the November election . AB 1000 provides a reasonable alternative to the drastic and damaging effect which enactment of the Watson Initiative would cause . For example , the Watson Initiative would reduce school support by some $425 , 000 , 000 , and result in a State -wide deficit , even with tax increases , of some 1 . 272 billion dollars . Further- more , no renter relief is provided in the Watson Initiative , transportation development funds (under the 1971 Mills Transpor- tation Development Act ) would be lost , and special benefits in the way of tax breaks to insurance companies , banks and financial institutions , and "big business " would result . 3 . State Lands Financing . Committee was informed that appropriation for $166 , 000 in the State Lands Commission budget had been eliminated without explanation . Appropriation was for necessary expenses for the purpose of developing facts and research in connection with the State Lands Commission ' s lawsuit against Westbay Community Associ - ates over title to submerged lands bordering a number of Peninsula cities , including Redwood City . AB 1479 would reinstitute the appropriation . 7/24/72 Reg . Mtg .