Assembly considers additional oil tax

SACRAMENTO, CA It adds to the cost of crude pumped from wells. California is one of a few states without an extraction tax.

But California has other taxes on the oil industry that are comparable. The bill's author says it would increase tax revenues by $1 billion a year.

Opponents say it would lead to job losses and cheaper oil from out of state.

Wednesday, the full legislature debates the democratic budget proposal, which has a similar oil severance tax. But the governor and republicans consider the budget incomplete.

      MORE STATE NEWS | TWEET@ABC30 | FREE ABC30 WIDGET
-----------------------------------------------------------------------------------------------
Sign up for Breaking News Alerts
Breaking News E-Mail Alerts | Text Message Alerts
-----------------------------------------------------------------------------------------------
More News on abc30.com
Local News | National/World | Weather | Entertainment | Business | Politics | Sports | Health Watch | Consumer Watch | Mr. Food |
-----------------------------------------------------------------------------------------------

Copyright © 2024 KFSN-TV. All Rights Reserved.