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End of oil depletion allowance voted in Senate committee
California Senate Revenue and Taxation Committee approved AB 177 ending the depletion allowance for major oil companies. The bill, backed by Assemblyman Bill Lockyer, would raise state revenue by about 43 million dollars next year if two thirds support occurs. Small independents would still qualify. critics warn of job losses and lower state oil production. Governor Brown has shown support.
MENTIONED IN THIS ARTICLE
Bob Schmidt
Sacramento
California
Senate
Bill Lockyer
D-San Leandro
Senate Revenue and Taxation Committee
Assembly
Brown
Lockyer
Joseph G. Shell
Independent Petroleum Assn. of
Jian
Long Beach
Leo McCarthy
San Francisco
McCarthy