"tax business profits"
While taxing business profits makes the most sense you'd have to do it in such a way as to insure no loopholes to let business off the hook.  That's the problem with the current tax code as applied to profits.
"add it into the state constitution that all funds collected go to specific programs and not into the general fund"
Exactly, even go so far as to establish a specific fund and budget annually instead of bi-annually.
Measure 97 is badly written as are so many like it going back to the Measure 5 property tax relief measure that let millions of corporate owned real estate tax dollars go while expecting the state to make up the shortfall in school funding without stating where the state was to find the money.