UC Officials Voice Concerns in Debate Over Proposed Oil Tax - The Daily Californian:
"Despite the millions of dollars higher education stands to gain under a bill that would impose oil and gas severance taxes, officials from the University of California have expressed concerns about the extent to which the UC system will benefit if the bill passes.
Assembly Bill 656 would levy a 9.9 percent severance tax on all oil and natural gas extracted by oil companies from the state and its ocean holdings beginning in January 2010.
The bill, first introduced by State Assembly Majority Leader Alberto Torrico, D-Fremont, has the potential to raise up to $1 billion that would go to funding public higher education"
"Despite the millions of dollars higher education stands to gain under a bill that would impose oil and gas severance taxes, officials from the University of California have expressed concerns about the extent to which the UC system will benefit if the bill passes.
Assembly Bill 656 would levy a 9.9 percent severance tax on all oil and natural gas extracted by oil companies from the state and its ocean holdings beginning in January 2010.
The bill, first introduced by State Assembly Majority Leader Alberto Torrico, D-Fremont, has the potential to raise up to $1 billion that would go to funding public higher education"