(Sacramento) - The Assembly Revenue and Taxation Committee heard AB 1500 today, a bill authored by Assembly Speaker John A. Pérez (D-Los Angeles), that will close a tax loophole benefitting out-of-state corporations in order to slash college fees by two-thirds for California's middle class families. Students from across California testified in support of closing the tax loophole and using the money saved to fund the Middle Class Scholarship Act (www.MiddleClassScholarship.com). The measure will be taken up for a vote by the Committee on Revenue and Taxation at its meeting next week. "I am very pleased AB 1500, which closes an egregious and unnecessary corporate tax loophole and uses the savings to dramatically lower student fees, was heard by the Assembly Revenue & Taxation Committee," Said Speaker John A. Pérez. "We know the best way to restore prosperity and health to our economy is to invest in opportunities for California's middle class families, and that is exactly what the Middle Class Scholarship aims to do." Here's more from the Speaker in this Assembly Access video.