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Our Klamath Basin Water Crisis
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California Farm Bureau Federation 9/19/08

There will be no Friday Review today, however, John Gamper reports that the Senate convenes at 4 pm and the Assembly convenes at 5 pm to adopt the following bills so the governor can sign the budget and the trailer bills over the weekend:

    • New SCA to replace SCA 13 (which has already been sent to the SOS) to add the first requirement from the Governor’s letter on Monday to restrict accessing the rainy day fund by imposing a 2/3 majority vote to allocate those funds
    • New special session majority vote tax bill it will:

              (1) eliminate the tax amnesty program contained in AB 1452 
              (2) eliminate the 10% additional withholding rules contained in AB 36xxx
              (3) double the 10% penalty to 20% for corporations that underreport income or overstate deductions by $1 million or more (substituting the third item for the second item generates the same amount of revenue according to the FTB)

    • Lower the amount of the budget reserve from $1.2 billion to $800 million (this reflects the loss of the amnesty program revenues in item one above.)
    • No other legislation will be taken up that failed passage Tuesday morning.
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