Ohio Gov. Seeks Severance Tax Hike On Oil, Gas Wells

Law360, New York (February 5, 2013, 5:28 PM EST) -- Ohio Gov. John Kasich proposed Monday in his new budget plan to raise a severance tax on hydraulically fractured oil and natural gas wells in the state, a move intended to offset tax cuts that has drawn fire from industry groups.

Kasich, a Republican, is seeking to impose a 1 percent tax rate for natural gas and a 4 percent tax rate for oil, natural gas liquids and condensate produced from high-volume horizontal wells in Ohio’s resource-rich Utica shale.

Currently, wells are taxed at 3 cents...
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