March 17, 2008 - Assembly Republicans Defeat Oil Tax For Schools
By David Walrath
On March 12, the Assembly Republicans did not vote in support of legislation that would have imposed an oil severance tax and a windfall profits tax on oil companies operating and extracting oil in California. The legislative proposal would have dedicated these funds, which could be up to $2 billion per year, to public K-14 education. Because the tax increase requires a two-thirds vote, the Republican position of no new taxes meant that the bill could not pass even with a majority of the Legislature in support. This issue potentially will come back again as an initiative for the November ballot.
