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Fracking Tax Hike Proposed
By: Associated Press
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A liberal policy group is proposing a tax hike on oil and gas profits ahead of Gov. John Kasich's State of the State speech Tuesday in an region where drilling has proliferated.
Innovation Ohio also seeks passage of a "Landowner Bill of Rights" and a "Hire Ohio" plan to assure residents get their fair share of proceeds and jobs from the coming shale boom.
An analysis the group released Thursday found shale drilling could mean $86 billion to Ohio natural gas developers over the next 20 years. The report identified Ohio oil resources worth another $130 billion to $550 billion, along with natural gas liquids of unknown value.
The tax increase would bring Ohio's tax rate in line with Texas', raising an additional $5.9 billion to $25.3 billion.