This morning Assemblywoman Ellen Corbett held a  press conference on her AB 
128x.? Several print journalists and 3 TV  cameras were present at the 
conference.? Also of interest is that the  Senate tax consultants and 
Burton's staff were at the event.? Assemblywoman  Hannah-Beth Jackson showed 
up late and gave a few quotes to the media  present.? A spokesman from Mirant 
also gave a few interviews after the  press conference.
According to Corbett's staff, they expect to  handout the bill amendments at 
the hearing.
Among Corbett's comments to the media  present:
"This bill is not a negotiating tool.? I'm  very serious about this bill.? I 
want to see it through the process.?  The Governor will sign a bill like 
this."
The following?amendments are to be presented  at the committee hearing today
as follows:
AB 128X
1) Creates a Tax on  Excess Gross Receipts from Electrical Energy
Distribution?(called a "tax  on excess greed")
2) Imposes a tax on the first sale of electricity by  generators and
middlemen.
3) Establishes as the measure for the tax, the  amount by which the
gross receipts exceed a specified price ("the base  price").? The measure of
tax is called the excess gross receipts.
4)  Creates a 3-tier system of rates as follows:
a) Sales price more than the  base price but not more than 150%
of the base price, tax rate = 50%
b)  Sales price more than 150% of the base price but not more
than 200% of the  base price, tax rate = 70% 
c) Sales price more than 200% of the base price,  tax rate = 90%
5) Creates a rebuttable presumption that the base price  represents a
fair sales price.
6)? Adds a mechanism to require  withholding of the tax by purchasers.
Residential consumers and small  business are exempt.
7)? Requires sellers to file annual tax returns to  report the tax on excess
gross receipts and pay any remaining tax  due.
8)? The measure sunsets after five (5) years.
There will be a  report after today's Assembly Rev & Tax Cmte hearing.
As opposed to SB 1x that returns the taxes raised  to ratepayers, AB 128x 
would "repay" the State's General Fund.

Chris Micheli, Esq.
Carpenter Snodgrass  & Associates
1201 K Street, Suite 710
Sacramento, CA?  95814
(916) 447-2251
FAX: (916) 445-5624
EMAIL: cmicheli@carpentersnodgrass.com