Sum raised by tax hike on Ohio drillers in dispute

COLUMBUS, Ohio (AP) — The administration of Republican
Ohio Gov. John Kasich is differing with legislative budget
analysts on how much a proposed tax hike on big oil-and-gas drillers
will generate.
The figure is pivotal as Kasich promotes a mid-term
budget package ahead of fall elections. He wants the plan to deliver
the combination of cuts and revenue increases needed to push Ohio’s
income-tax rate below 5 percent.
But fiscal experts disagree on
how much would be raised by raising a severance tax rate on large-volume
drillers to 2.75 percent.
Ohio’s budget office places the amount
raised from fiscal year 2015 through fiscal year 2017 at $874 million.
The Legislative Service Commission projects an upper limit of $231
million for the same period.
The Ohio House continues to debate the issue this week.
Copyright 2014 The Associated Press. All rights
reserved. This material may not be published, broadcast, rewritten or
redistributed.
COLUMBUS, Ohio (AP) — The administration of Republican
Ohio Gov. John Kasich is differing with legislative budget
analysts on how much a proposed tax hike on big oil-and-gas drillers
will generate.
The figure is pivotal as Kasich promotes a mid-term
budget package ahead of fall elections. He wants the plan to deliver
the combination of cuts and revenue increases needed to push Ohio’s
income-tax rate below 5 percent.
But fiscal experts disagree on
how much would be raised by raising a severance tax rate on large-volume
drillers to 2.75 percent.
Ohio’s budget office places the amount
raised from fiscal year 2015 through fiscal year 2017 at $874 million.
The Legislative Service Commission projects an upper limit of $231
million for the same period.
The Ohio House continues to debate the issue this week.
Copyright 2014 The Associated Press. All rights
reserved. This material may not be published, broadcast, rewritten or
redistributed.