The Associated Students Inc. resolution in support of establishing a tax for profits on oil and gas companies in California passed on its third reading Wednesday.
Assembly Bill 1326 establishes the California Higher Education Endowment Corporation (CHEEC) that would annually allocate to the California Community Colleges, the California State University and the University of California. The legislation is modeled after current Alaska and Texas laws.
Senators noted that, after seeing a presentation regarding state funding for higher education, bills like AB 1326 are of increasing importance. According to the resolution, tuition has risen 60 percent since the 2007-08 school year.
Senators Roxanna Gracia, Mark Rizk and George Lam are the authors of the resolution.