Ohio has lowest tax rates of any major shale state
Analysis from accounting firm Ernst & Young shows that Ohio will still have the lowest tax rates of any major shale state even if Gov. John Kasich’s “fracking tax” is passed, The Columbus Dispatch reports. With Kasich’s “fracking tax”, Ohio’s effective severance tax rate would be 16 percent lower than other states' average for well producing dry natural gas and natural gas liquids and 40 percent lower for well producing dry natural gas and oil, the article said. Kasich intends to “use some of the revenue from the rate increase to fund a state income-tax cut”; however, the governor has met resistance from fellow Republicans who fear that oil and gas producers will be hurt by higher taxes. For more, read the full story.
