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Wednesday, November 13, 2013

Ohio's Severance Tax Debate Hasn't Ended Yet

From JDSupra:
Through the summer and leading up to the adoption of Ohio’s biennial budget, changes to Ohio’s severance tax were discussed in the General Assembly and in the media. Severance tax provisions were cut from discussions fairly early in the budget process, and the budget became law without any change to the severance tax. Still, those in favor of and opposed to changes in the Ohio severance tax continue to advocate for their respective positions in the media.
Ohio currently levies a severance tax of ten cents on every barrel of oil, and two and a half cents for every thousand cubic feet (“MCF”) of natural gas. Ohio also imposes a conservation fee, and for many producers that fee is one half of one cent for every MCF, and ten cents per barrel of oil. In addition, natural gas and oil production companies pay real property tax based on the value of the oil and natural gas reserves on the property subject to tax. Condensate and NGLs are not directly addressed in Ohio’s tax regime.
Read that whole posting here. 

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