The Ohio 130th General Assembly is considering two new bills, House Bills 59 and 72. Each bill proposes changes to Ohio’s oil and gas law. Following is a summary of the proposed changes relevant to Ohio’s oil and gas law in each bill. House Bill 59 On Feb. 12, 2013, Rep. Amstutz (R-Dist 1) introduced House Bill 59,… Continue Reading
Category Archives: Tax issues
Subscribe to Tax issues RSS FeedWhat Does 2012 Portend for the Oil and Gas Industry in Ohio?
Posted in Ohio, Regulatory, Tax issuesThe start of a new year leads to annual reflection, prediction and resolution. Let’s do some of it. Public Relations The oil business finds itself in a public relations battle because, after all, perception is reality. This is remarkably reminiscent of the impact of nascent environmental laws on the business in the early 1980s. Fracking,… Continue Reading
How Ohio Stacks up on Taxation of Oil and Gas Operations
Posted in Ohio, Tax issuesThis is the first in a series of blog entries regarding Ohio state and local taxes imposed on oil and gas operations. Oil and gas operators in Ohio currently pay a variety of state and local taxes: Commercial activity tax (CAT) which is a 0.26% excise tax on all Ohio-based gross receipts. The tax is… Continue Reading
Life Estates: Oil and Gas Law Implications
Posted in Contracts and Leases, Mineral Interest, Ohio, Real Estate, Tax issuesLife estates have been recognized as an interest in land at common law since the Middle Ages. Even so, how they relate to the ownership of and payment for oil and gas can result in outcomes that may not be intuitive. According to common law and statute, there can be no gap in the perpetual… Continue Reading
Ohio’s Oil Boom – Why It Will Be Different This Time
Posted in Exploration & Production, Mineral Interest, Ohio, Real Estate, Regulatory, Tax issuesThis is not Ohio’s first oil and gas boom. There has been a series of them. I think it is fair to say that in the past the oil and gas business had a freer rein (some would say reign). But this time things are likely to be different. With the internet, higher land prices,… Continue Reading
Favorable review of Kasich severance tax proposal
Posted in Tax issuesThe Opinion column of The Wall Street Journal, Wednesday, July 25, 2012, (click here for the source of the original article; in order to read the full text of the Wall Street Journal article you must be a Wall Street Journal subscriber) contains a favorable assessment of Governor Kasich’s severance tax proposal, which it describes… Continue Reading