CA Tax Loophole Benefits Oil and Gas Companies, Undermines Firefighting Revenue
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Fossil fuel companies are profiting off an obscure state tax break depriving California of up to $146 million of annual tax revenue that could be used to combat climate change-fueled wildfires, according to a new report released amid an inferno tearing through Los Angeles. The tax break has persisted for decades in the Democrat-controlled state even as California has faced deficits and cuts to…