Oil `Windfall’ Tax Gains Momentum

Also Monday, the chairman of the Assembly Revenue and Taxation Committee won a first vote on his latest proposal to slap a 2% surtax on so-called windfall profits from petroleum producing, refining and sales activities.

The bill garnered the minimum four votes needed to move to its next committee.

“It’s time we made these companies pay,” said Assemblyman Johan Klehs (D-San Leandro), the bill’s author. “They can avoid paying the tax by reducing their prices for gasoline.”

latimes