Sum raised by tax hike on Ohio drillers in dispute - 21 News Now, More Local News for Youngstown, Ohio -

Sum raised by tax hike on Ohio drillers in dispute

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COLUMBUS, Ohio (AP) - The administration of Republican Ohio Gov. John Kasich (KAY'-sik) is differing with legislative budget analysts on how much a proposed tax hike on big oil-and-gas drillers will generate.

The figure is pivotal as Kasich promotes a mid-term budget package ahead of fall elections. He wants the plan to deliver the combination of cuts and revenue increases needed to push Ohio's income-tax rate below 5 percent.

But fiscal experts disagree on how much would be raised by raising a severance tax rate on large-volume drillers to 2.75 percent.

Ohio's budget office places the amount raised from fiscal year 2015 through fiscal year 2017 at $874 million. The Legislative Service Commission projects an upper limit of $231 million for the same period.

The Ohio House continues to debate the issue this week.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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