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Fri January 31, 2014
Kasich Vows To Veto Severance Tax Plan
Ohio Governor John Kasich says he has told lawmakers considering an increase in the severance tax on oil and gas drillers they need to come up with a fair plan to win his support.
Ohio Public Radio's Jo Ingles reports.
Governor Kasich says lawmakers coming up with a severance tax plan need to tax the industry enough to make the plan good for taxpayers.
Kasich - If I don’t have a severance tax that passes the smell test on what I think is fair, I’ve told the leaders I’d veto it.
Kasich proposed a significant severance tax last year as part of his budget plan but in the end, lawmakers excluded it from the new two year state budget. Now lawmakers are it considering again and Kasich is telling reporters at an Associated Press conference that the proposal has to be good for the state.
Kasich – We don’t want to do something that doesn’t mean the taxpayers of this state get some fair value for their resources that are being depleted. On the other hand, we don’t want to have a severance tax that drives people out because this industry is critical to the state. So it’s kind of like porridge. It can’t be too cold and it can’t be too hot. It’s got to be just right.
The Ohio house is considering a severance tax plan that would generate one point seven billion dollars in net new revenue over the course of a decade. Kasich says he’ll take a look at what eventually gets passed by lawmakers to decide if it’s just right.