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Published on Aug 13, 2012
(Sacramento) -- Legislation to slash the cost of college for students from middle class families, authored by Assembly Speaker John A. Pérez, has been approved by the State Assembly. The two bill package (AB 1500 and AB 1501), known as the Middle Class Scholarship Act (www.MiddleClassScholarship.com), will eliminate the Elective Single Sales Factor loophole in California law, which allows out-of-state corporations to pay less in taxes than businesses based in California. The money saved by closing this loophole, approximately one billion dollars annually, will be used to fund the Middle Class Scholarship, which will cut student fees by two-thirds for UC and CSU students whose families earn less than $150,000 per year and includes $150 million to increase affordability at the state's community colleges. "This is fundamentally an issue of tax fairness for California's businesses, and restoring opportunity for middle class families across California, who have seen the price of college skyrocket over the past ten years," said Speaker Pérez. Here's more in this Assembly Access video. www.asmdc.org/speaker