COLUMBUS, Ohio (AP) – A study group reviewing a proposed tax hike on oil and gas drillers in Ohio has delivered its findings and recommendations on the issue.
The report Thursday suggests that Ohio officials consider a “trigger” or slow phase-in of any severance tax increase based on market conditions of the industry.
In its report to the 2020 Tax Policy Commission, the group says price and production should be among the factors weighed when determining the tax rate on hydraulic fracturing, or fracking.
A severance tax increase has been among Gov. John Kasich’s (KAY’-siks) policy priorities for years. When talks stalled during the state budget debate, legislative leaders put it on the commission’s agenda and promised recommendations by Oct. 1.
But the commission didn’t have its first formal meeting until Thursday.