The taxing of the extraction of crude oil for educational financing was supported by the Board of Trustees at a Los Angeles Community College District (LACCD) meeting Wed. Oct. 5.
Initiative 1481, which supporters are attempting to put on the ballot for pubic approval, will require a 15 percent fee for the value of each barrel of oil extracted, according to the board.
Initiative 1481 will generate approximately $3 billion annually for California Education, according to rescueeducationcalifornia.com.
The board is supporting the proposed initiative in hopes that it will be placed on the California ballot.
Revenue generated from this fee will go to the community colleges in California, K through 12 public schools and the University of California (UC) and California State University (CSU) systems.
The bill will also prohibit gas companies from passing on the cost to the consumer in order to cover this fee.
The board said they hope that this will help aid in delaying the increase of tuition cost and restore classes that have been cancelled.
