California Assembly committee approves oil tax bill

01-12-2010

By Jim Sanders/Sacramento Bee

Let the war over tax hikes begin. And score the first battle Democrats yes, Republicans no – just like last year. Legislation to impose a new severance tax on oil and natural gas extraction to help bolster higher education funding passed the Assembly's Revenue and Taxation Committee by a party-line vote Monday. The action came just three days after Gov. Arnold Schwarzenegger released a new state budget plan relying largely on spending cuts and hoped-for federal revenue to bridge a projected $19.9 billion shortfall by July 2011. Democrats, by their committee vote, signaled a willingness to press for targeted tax increases, even though 2010 is an election year and odds are slim of winning the necessary two-thirds legislative super-majority to pass such measure. (more...)

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California Assembly committee approves oil tax bill

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