Ohio House Passes 2.5% Excise Tax On Oil And Gas Fracking

By Matthew Villmer (May 15, 2014, 3:06 PM EDT) -- The Ohio House of Representatives on Wednesday passed legislation that would slap a 2.5 percent severance tax on horizontal oil and gas fracking in the state, moving the bill to the Ohio Senate for debate, and likely a vote.

House Bill 375 passed by a 55 to 35 vote margin, and it was supported by Ohio Oil and Gas Association because the excise tax revenue will be allocated to various funds that will assist oil and gas explorers in the state.

"While we have concerns about aspects of the bill, which will increase the severance tax to 2.5 percent, we remain...

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