New Increased Severance Tax Proposal for Ohio Has Industry Support
From The Columbus Dispatch:
House Republican leaders proposed an increase in the tax on oil and gas drilling in Ohio yesterday, months after rejecting a more robust proposal from Gov. John Kasich.
The bill includes an increase in the “severance” tax on drilling but at a lower rate than what Kasich proposed. Some of the increased tax is offset by a new commercial-activities tax exemption and income-tax credit for those paying the new tax. In all, Rep. Matt Huffman, R-Lima, the bill’s sponsor, said the bill is estimated to raise $1.7 billion over 10 years.
Kasich’s proposal, which he made as part of his two-year budget before legislative Republicans stripped it out, would have raised about $2.8 billion.