New ballot initiative promises free tuition for all state colleges in California

There's potential that a college education in California, could someday be free.

'The College for All Act' has also received authorization to begin gathering signatures.

This initiative would provide funding to cover tuition and also increase funding for living expenses for all in-state colleges in California.

The financial aid would be financed by a dedication tax -- ranging from 12 to 22 percent on estate properties --valued at $3.5 million or more.

Backers say only the wealthiest Californian households would be subject to the tax, which they say would raise about $3-billion dollars a year.