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Friday, September 25, 2015

Ohio Lawmakers Not Going to Meet October 1 Deadline for Severance Tax Proposal

From Cleveland.com:
Ohio lawmakers said this week they won't meet a self-imposed Oct. 1 deadline to hammer out recommendations on an oil and gas severance tax deal, as they need more time for negotiations. 
The impasse is the latest delay in a years-long effort to tap into a potentially lucrative source of revenue to pay for income-tax cuts and funding to local governments in eastern Ohio, where drilling activity is ramping up. 
In June, House and Senate leaders held a rare joint news conference to announce that a legislative study committee would work over the summer to reach a compromise agreement on raising taxes on fracking activity. 
Senate President Keith Faber, a Mercer County Republican, told reporters that Oct. 1 was a "hard deadline" to compile recommendations on a compromise between industry groups, which oppose any severance tax increase, and Gov. John Kasich's administration, which has called for a major tax hike. 
At the time, Faber disputed that sending the issue to a study group was "just a stalling tactic."
The whole article can be read by clicking here.

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