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Tuesday, April 9, 2013

Kasich Sticks Up For Severance Tax Plan, Compares to Oklahoma and Texas

From PolitiFact Ohio:
Gov. John Kasich pitched several changes to Ohio’s tax structure in his budget proposal for fiscal 2014-2015 that would, in part, allow reductions in the state’s individual income tax.

Among those proposals was an increase to the state’s severance tax, a tax levied on oil and gas resources when they are extracted -- or severed -- from the ground. The change would target large producers engaged in horizontal drilling and raise an estimated $45 million in fiscal 2014 and $155 million in fiscal 2015.

Kasich often has said the tax is too low. As energy companies tap oil and natural gas resources in the resource-rich Utica Shale formation in eastern Ohio, the governor has argued Ohio should reap a greater reward from nature’s bounty.

While in the Mahoning Valley on March 21, the governor touted his budget plans, including the severance tax increase, to the Youngstown-Warren Regional Chamber of Commerce, and again in an interview with a Youngstown television station.

"Right now, Texas doesn’t have an income tax and Oklahoma’s lowering their income tax rates, and guess what their severance tax is? Sky high," Kasich told the interviewer.

PolitiFact Ohio decided to check the governor’s claim.
Read the whole story by clicking here.

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