COLUMBUS, Ohio (AP) -- The new tax structure set to be proposed by Ohio Gov. John Kasich (KAY'-sihk) might not lead to a cut in the income tax until 2014 but might save Ohioans' a half-billion dollars on those taxes by 2017.
The Columbus Dispatch (http://bit.ly/wqT0oq ) reports it obtained a copy of the plan showing the state would immediately get more revenue from oil and gas companies. The governor initially wants a 1.5 percent tax on certain resources extracted through a new form of oil and gas drilling known as hydraulic fracturing.
The money generating by the drilling tax would be used to help offset the government's cost of instituting a cut in the personal income tax. The extent of that tax cut could depend on the amount of revenue that's received.
Information from: The Columbus Dispatch, http://www.dispatch.com