Report urges higher tax on oil and gas

Report urges higher tax on oil and gas

COLUMBUS

Ohio could generate $538 million in revenues by 2015 if it imposed a higher tax on oil and gas rates, according to a new report from Policy Matters Ohio.

Wendy Patton, author of the new report and senior project director at Policy Matters, said that by aligning severance taxes with that of nearby states, Ohio could benefit financially from new drilling operations.

“Ohio’s severance tax is one of the lowest among states with potential to produce oil and gas from shale,” she said. “Part of preparation for the coming boom should include raising the severance tax rate to a level consistent with other energy states.”

Read the complete story in Tuesday’s Vindicator and at Vindy.com.