Oil tax qualifies
Secretary of State Bruce McPherson has qualified another initiative for the fall ballot today. The latest addition to the packed ballot is an oil tax. Here's the first paragraph of the summary: Establishes $4 billion program to reduce oil and gasoline usage by 25%, with research and production incentives for alternative energy, alternative energy vehicles, energy efficient technologies, and for education and training. Funded by tax of 1.5% to 6%, depending on oil price per barrel, on producers of oil extracted in California. Prohibits producers from passing tax on to consumers. Program administered by California Energy Alternatives Program Authority. Prohibits changing tax while indebtedness remains. Revenues excluded from Proposition 98 calculations and appropriation limits. |
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