The Governor's proposal to reduce the state personal income tax in Ohio and pay for it by increasing the oil and gas severance tax is a hot topic right now.
On one hand, reducing the income tax is seen as a positive for a state that is trying to revitalize its economy by attracting businesses and talent. On the other, paying for that by increasing oil and gas taxes is frowned upon by some because higher taxes could deter companies from investing in shale exploration.
So far, the state legislature has rejected the Governor's proposal, which is included in the budget bill.
Here is the explanation of the Governor's tax proposal.
And here is an explanation from the Ohio Oil and Gas Association about the issue.
So far our Chamber has not adopted a position on the issue. But this is an important subject for the eastern and southeastern oil and gas producing regions of the state. So we are studying both sides of the argument and may take a stance within the next few weeks.
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