Boosting tax on oil, gas rates would mean $538M for Ohio, report says - Youngstown Vindicator

Ohio could generate $538 million in revenues by 2015 if it imposed a higher tax on oil and gas rates, according to a new report from Policy Matters Ohio.

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Wendy Patton, author of the new report and senior project director at Policy Matters, with offices in Columbus and Cleveland, said that by aligning severance taxes with that of nearby states, Ohio could benefit financially from new drilling operations. Ohio’s severance tax, by comparison, has equaled about 0.50 percent for natural gas and 0.19 percent for oil during the past decade, Patton said, which is the lowest among states with viable shale formations.

Boosting tax on oil, gas rates would mean $538M for Ohio, report says - Youngstown Vindicator