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OH HB685
Bill
Status
12/16/2014
Primary Sponsor
Mike Foley
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AI Summary
HB 685 Summary
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Creates the State Environmental Restoration Authority within the Environmental Protection Agency to restore forests and waterways, develop urban parks and greenbelts, and fund environmental education programs for primary school students.
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Increases the income tax rate on the highest income bracket (above $200,000) from 5.333% to 12.333% for taxable years beginning in 2015 or later, with excess revenue transferred annually to the environmental restoration fund.
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Replaces the existing oil and gas severance taxes (10 cents per barrel of oil and 2.5 cents per thousand cubic feet of natural gas) with a 7% tax on wellhead gross receipts from the first sale of oil and gas beginning January 1, 2015, with revenue directed to the environmental restoration fund, oil and gas well fund, geological mapping fund, and county infrastructure funds.
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Imposes a new 7% estate tax on decedents dying on or after January 1, 2015, with a $35,000 credit, with 50% of revenue going to local governments and 50% to the environmental restoration fund.
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Creates the severance tax infrastructure fund in each county to receive 20% of oil and gas tax revenue for local road and bridge improvements directly associated with oil and gas drilling operations.
Legislative Description
To create the State Environmental Restoration Authority, to use revenue from an increase in the income tax rate on the highest income bracket to fund the Authority, to replace existing oil and gas severance taxes with a tax on the first sale of oil or gas and use the revenue to fund local governments, oil and gas regulation, and the Authority, and to levy a tax on decedents' estates and use the revenue to fund local governments and the Authority.
State Environmental Restoration Authority- create-tax adjustments to fund
Last Action
Introduced to House
12/16/2014