Monday, October 12, 2009

University Officials Reject $900 Million in Revenues

By Robert Gammon
Mon, Oct 12, 2009 at 10:33 AM

State higher education officials are refusing to support an oil-tax bill by an East Bay Assemblyman even though the legislation will generate $900 million annually for California colleges and universities, according to the Chron. The bill by Alberto Torrico of Newark would force oil companies to pay a 9.9 percent tax on oil they extract from California. But even though university officials have had to slash programs and raise student fees dramatically, they're worried that the Legislature would use the oil tax proceeds to replace regular funds that they receive each year from the state. As a result, Torrico says he will include a provision in the bill next year that requires the state to use the oil revenues as a supplement to regular higher education funds.

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