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Monday, June 24, 2013

Ohio Rep. Hagan Wants a 7.5% Severance Tax on Fracked Oil & Gas

From The Record Courier:
A Democratic state lawmaker representing part of Ohio's burgeoning Utica Shale oilfields wants the state to increase taxes on fuel produced via horizontal hydraulic fracturing -- and use a big portion of the resulting proceeds to help eastern counties.
The general gist behind the new legislation offered by Rep. Bob Hagan (D-Youngstown) is not too different from past bills and amendments he's offered.
But Hagan's new legislation, HB 212, puts a new spin on the proposal. He wants the state to enact a 7.5 percent severance tax on oil and gas produced via fracking.
Of that total, 5 percent would go to local governments, mostly in eastern Ohio.
Another 1.5 percent would go to the Ohio Department of Natural Resources to hire and train well inspectors and supplement other costs related to the drilling industry.
And the remaining 1 percent would go into a special trust fund, inaccessible to lawmakers until after 2020, for use in future economic development and other efforts.
Read the rest of the story here. 

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