SB 1017 Heading to California State Senate Governance and Finance Committee on May 7
California Senator Evan’s SB 1017 has passed the Senate Education Committee and is moving to the Senate Governance and Finance Committee for a vote on May 7.
This bill supports students and the community by closing the oil severance tax. It creates a self-sustaining endowment to fund public higher education, health and human services, state parks and create jobs by imposing an extraction tax on big California oil companies. Senate Bill 1017 would impose a 9.5% extraction tax on the removal of oil or gas from California’s lands or waters and is anticipated to create at least $2 billion a year in revenues based on current oil production levels in the state.
More details about the bill clearing the Senate Education Committee can be found here.
Help this bill move forward to the November ballot, where it will need a 2/3 vote to pass. If you want to communicate your support of Senate Bill 107 to the Senate Governance and Finance Committee members, please follow this link. It will require 5 out of 7 members on the Committee to vote to pass the bill.