Posts Tagged ‘rescueeducation’

Well, Those Oil Extraction Tax (aka “Oil Extraction Fee”) People are Trying to Get Half a Million Signatures

Tuesday, August 16th, 2011

Here are the deets on an oil extraction tax / fee proposition that you’ll be able to vote for in 2012, if it qualifies with half a million signatures by next month’s deadline:

Tax on California Oil Initiative (2012)

A Tax on California Oil Initiative (11-0004) has been approved for circulation in California as an initiated state statute. To earn a spot on the state’s 2012 ballot, sponsors of the initiative must collect 504,760 signatures by September 30, 2011. A letter requesting a title and summary for the proposed initiative was signed by Peter Mathews, Frank Dawoodjee, and Paul Garver, and was received by the Attorney General of California’s office on March 14, 2011.

Tax on California Oil. Initiative Statute. Official summary:

“Imposes 15 percent tax on value of each barrel of oil extracted in California. Allocates oil tax revenue to non-capital educational funding: 30 percent to K-12; 48 percent to community colleges; 11 percent each to California State University and University of California. Prohibits producers from passing tax on to refiners, gasoline stations, or consumers. Prohibits loan of oil tax revenues to General Fund. Prohibits reduction of regular education funding based on additional revenues from tax.”

Summary of estimated fiscal impact:

(This is a summary of the initiative’s estimated “fiscal impact on state and local government” prepared by the California Legislative Analyst’s Office and the Director of Finance.)
“Increased state revenues from a new charge on oil extraction of around $2 billion to $3 billion per year, dedicated to education.”

Anyway, I didn’t know about this:

Click to expand

But they’re out there, trying to finish up the huge job of getting all those sigs…