California bill to close tax loophole moves forward

     

Bloomberg Businessweek/Associated Press — Middle class Californians may get relief from soaring college costs if a bill passed by the Assembly Monday becomes law.

bloomberg-businessweekAB-1500 would eliminate a $1 billion tax break for out-of-state corporations and use the expected windfall to reduce tuition, which would benefit an estimated 200,000 college students.

It is the second component of Assembly Speaker John Perez’s “Middle Class Scholarship Act.” The Assembly previously approved the other part, which would reduce tuition by more than half for families whose annual household income exceeds the cap for getting a free ride at California’s public universities ($70,000 a year for the California State University system and $80,000 for University of California system) but is less than $150,000.

The wire service report was published Aug. 14, 2012, and appeared in various news websites state and nationwide.

Read the complete article at “California bill to close tax loophole moves forward.”