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Fate of Ohio's oil and gas severance tax bill is uncertain

2014-05-15 11:58:00| Climate Ark Climate Change & Global Warming Newsfeed

WKSU: A new tax on oil and natural gas drillers is halfway through the legislature, but is facing an uncertain future. Statehouse correspondent Karen Kasler reports on the debate in the House. The bill puts a 2.5 percent severance tax on gross receipts on shale wells that are horizontally fractured, and allows drillers to deduct the commercial activity tax they pay from the severance tax they owe. It is estimated that will bring in $316 million over five years, which would go to an income tax cut. That...

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