Mon., 12:31pm: Sum raised by tax hike on Ohio drillers in dispute
COLUMBUS – The administration of Republican Ohio Gov. John Kasich is differing with legislative budget analysts on how much a proposed tax hike on big oil-and-gas drillers will generate.
The figure is pivotal as Kasich promotes a mid-term budget package ahead of fall elections. He wants the plan to deliver the combination of cuts and revenue increases needed to push Ohio’s income-tax rate below 5 percent.
But fiscal experts disagree on how much would be raised by raising a severance tax rate on large-volume drillers to 2.75 percent.
Ohio’s budget office places the amount raised from fiscal year 2015 through fiscal year 2017 at $874 million. The Legislative Service Commission projects an upper limit of $231 million for the same period.
The Ohio House continues to debate the issue this week.