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By SEAN ADAMS Arundel INewnpapern. Richmond Bureau |
RICHMOND—The Senate finance committee completed its public hearing Tuesday on a bill that would raise $263 million for the state highway department over the next two fiscal years.
The committee is expected to vote Wednesday on the bill, which would establish a three-percent franchise tax on the wholesale price of motor fuel and would raise license and registration fees for cars and trucks beginning July 1.
Sen. Edward E. Willey (DRichmond), the committee chairman and the bill's chief sponsor, said he proposed the legislation to aid the beleaguered state highway department, which faces massive deficits in the 198284 biennium.
In response to arguments that the bill would raise retail gasoline prices. Sen. Willey said 6il companies "have no logical excuse” to pass on the wholesale increases • to motorists. He said the oil companies would receive great financial benefits from tax breaks included in last year’s federal tax cut. “It's no fun for me fooling
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