Tuesday, May 8, 2012

Yudof notes UC support for corporate tax bill

Excerpt from the Fresno Bee:

…(UC President Yudof indicated that) UC has supported, with amendments, a bill proposed by Assembly Speaker John A. Pérez (D-Los Angeles) that would provide students with a family income less than $150,000 a scholarship to cover about two-thirds of college fees. About 42,000 UC students would receive the Middle Class Scholarship, saving up to $8,169 per year, according to an analysis by the Assembly Democratic Caucus. Approximately 150,000 California State University students would save $4,000 each year, and the California Community Colleges would get $150 million for financial aid.  The money to fund the scholarship would come from closing a loophole that allows out-of-state corporations to choose the tax rate they owe California, according to the bill's proponents. The bill is in committee and requires two-thirds majority in the Legislature to pass.

Note that because – as the excerpt above indicates - tax bills require a 2/3 vote of the legislature, the bill is unlikely to pass.  Photo of Yudof and Pérez above.

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