Assembly Bill 656, authored by Assemblyman Alberto Torrico, was suspended after a second hearing at the Assembly Committee of Revenue and Taxation on Monday.  AB 656, proposing an oil and gas severance tax with revenue going to California's higher education system, was introduced last February and went through the first hearing in May, but the hearing was canceled by Torrico.  During the second hearing, Chairman Charles Calderon and the Revenue and Taxation Committee said they believed the bill needed further discussion and a possible decrease of the 12.5 percent tax rate originally proposed to a more reasonable 6 to 7 percent.  "The real truth here is the bill is going nowhere--it's no

Times are tough for college students in California. State grants are being cut drastically due to budget cuts and Furloughs are closing down entire campuses on non-holidays. It is looking grim for the future of higher education. Assembly Bill 656, introduced by Majority Leader Alberto Torrico, proposes a gas and oil severance tax in California that could make for a brighter future.  AB 656 was introduced on Feb. 25 and had minor alterations since, the last being on July 7.  Currently states with oil supplies, such as Alaska and Texas, have oil severance taxes that help fund higher education and proponents of AB 656 are looking to do the same. "Fees have increased in eight out of the la