Calif. Bill Aims To Raise $2B A Year By Taxing Oil Producers

Law360, San Diego (February 14, 2013, 10:15 PM EST) -- Two California senators on Tuesday floated a bill that would impose a new tax on oil producers in the state to generate about $2 billion a year for funding parks and higher education.

State Sens. Noreen Evans, D-Santa Rosa, and Mark Leno, D-San Francisco, introduced S.B. 241, which proposes to place a 9.9 percent severance tax on companies that extract oil from the ground or water within the state’s jurisdiction as of January 2014.

“California is the largest — and only — oil producing state in...
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