Calif. Legislature To Consider Tax On Oil Extraction

Law360, New York (February 20, 2014, 4:56 PM EST) -- California Sen. Noreen Evans, D-Santa Rosa, announced Wednesday that she has introduced legislation that would impose a 9.5 percent tax on the extraction of oil from within the state, a plan that would raise an estimated $2 billion annually for the Golden State.

Under Evans' proposal, money generated from the tax would be diverted to California public colleges, state parks and health programs. California is currently the only major oil-producing state in the U.S. that does not charge a severance tax on oil extracted from public...
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