Tax
Mar. 23, 2023
Senate committee passes windfall profits tax on oil and gas
SBX1-2 would impose several conditions designed to make it harder for refiners to squeeze extra profits out of the California market. It would establish a “maximum margin,” a cap for a “refiner’s profit … excluding state program costs,” enforced with a financial penalty deposited into a new Price Gouging Penalty Fund.
Gov. Gavin Newsom got something he’d been seeking for months on Wednesday — a hearing on a bill to impose a windfall profits tax on oil and gas companies. The bill passed 12-2.
But Newsom’s special session on high gas prices might slow an earlier effort to demand more information from the industry.
The bill’s author, Sen. Nancy Skinner, D-Berkeley, began by telling the California Senate Energy, Utilities and Com...
For only $95 a month (the price of 2 article purchases)
Receive unlimited article access and full access to our archives,
Daily Appellate Report, award winning columns, and our
Verdicts and Settlements.
Or
$795 for an entire year!
Or access this article for $45
(Purchase provides 7-day access to this article. Printing, posting or downloading is not allowed.)
Already a subscriber?
Sign In