The California Modernization and Economic Development Act (CMED)
UCSA is working to ensure the passage of the California Modernization and Economic Development Act. This act will provide $2 billion in annual revenue to our state by implementing a 9.5% tax on companies that extract oil and natural gas in California.
The revenue accumulated will then be earmarked for expenditure on the following programs:
- $1.2 billion allocated toward public education.
- $300 million for K-12
- $300 million for California Community Colleges
- $300 million for California State Universities
- $300 million for University of California for the purposes of restoring tuition to 2010 levels
- $440 million allocated to subsidize small businesses that wish to transition to carbon-free and reduced-carbon sources of energy.
- $66 million allocated to maintaining California State Parks, land conservation, and reducing user fees.
- $300 million allocated to the general funds of every California County Government for infrastructure repair, public works projects and funding public services.