Ohio's future oil, gas tax picture up for debate - WFMJ.com News weather sports for Youngstown-Warren Ohio

Ohio's future oil, gas tax picture up for debate

Updated:

COLUMBUS, Ohio (AP) - The state and the oil and gas industry are peddling radically different fiscal scenarios while lobbying lawmakers to support or oppose the tax package proposed by Ohio Gov. John Kasich.

The Republican governor wants to raise the severance tax on oil and gas to 4 percent over time and use proceeds for income-tax cuts.  His proposal has stalled at the Statehouse.

The Ohio Department of Taxation estimates the severance tax increase would raise between $327 million and $561 million by fiscal 2016.  The total depends on the extent of start-up costs recovered and market prices for the natural gas, oil and natural gas liquids being extracted through shale drilling.

An industry analysis emphasizes tax payments from all sources will increase to $1.05 billion by 2015 as the industry prospers.

(Copyright 2012 by The Associated Press. All Rights Reserved.)

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