Ohio lawmaker panel offers another frack-tax proposal

COLUMBUS — A lawmaker panel today offered yet another version of legislation to revamp tax rates on oil and gas produced via horizontal hydraulic fracturing.

The latest substitute House Bill 375 would levy a 2.5 percent tax rate on production, up from 2.25 percent proposed earlier. The legislation also would provide a $10 million exemption for drillers to recover the initial costs of their horizontal wells.

The first $21 million in resulting tax collections would go to the Ohio Department of Natural Resources to regulate the oil and gas industry and to cap orphan wells.

Fifteen percent of collections (up from 10 percent in the original bill) would be distributed to local governments. Any additional collections would be used to cut the state’s income tax rates.

For the complete story, read Thursday's Vindicator and Vindy.com