webstationlogos3 KHTK-sports-1140_FINAL-social_125x35b
MISS THE CBS13 NEWS AT 10? See what you missed on our video page

Politics

California Lawmakers Applaud Facebook IPO

View Comments
Don't Miss This
Cat Survives 60-Mile Journey Atop Trailer
Cat Survives 60-Mile Journey Atop Trailer
  Photo: Sonja Flemming/CBSSix Pick-up Lines That Actually Work!
Firing Squad Or Hanging? AG Candidate Wants Death Penalty For Corrupt Lawmakers
Firing Squad Or Hanging? AG Candidate Wants Death Penalty For Corrupt Lawmakers
 
2nd Teen Dies, 3 More Fight For Life Following Vacaville Crash
2nd Teen Dies, 3 More Fight For Life Following Vacaville Crash

Get Breaking News First

Receive News, Politics, and Entertainment Headlines Each Morning.
Sign Up
Features

SACRAMENTO (AP) — State lawmakers are hailing Facebook’s much-anticipated stock offering as a potential windfall for California’s cash-strapped treasury, while some already are saying the extra revenue should go to preventing cutbacks to public schools.

Republican minority leaders Bob Huff and Connie Conway issued a statement Wednesday saying the state should use the expected tax revenue “to protect our public school students from the governor’s trigger cuts and pay down the state’s debt service.”

Senate President Pro Tem Darrell Steinberg, a Democrat from Sacramento, cautioned that it’s unclear when tax revenue from those reaping the benefits of Facebook shares will reach state coffers.

The nonpartisan Legislative Analyst’s Office has said the state stands to reap hundreds of millions of dollars.

The Silicon Valley social networking giant says it wants to raise $5 billion.

(Copyright 2012 The Associated Press.)

View Comments
blog comments powered by Disqus