|Posted:||February 3, 2015 03:27 PM|
|From:||Senator Art Haywood|
|To:||All Senate members|
|Subject:||Marcellus Shale Extraction Tax|
|In the near future, I plan on introducing a bill that would impose an 8% extraction tax on Marcellus Shale production in the Commonwealth.
When our budget is tight and many of our most critical programs are underfunded, we have a responsibility to enact an extraction tax that will strengthen our commonwealth. As one of the top producers of natural gas in the nation, it is time to join a vast majority of gas-producing states and enact a shale tax that will benefit millions while doing no harm to industry.
Under the estimates, an 8% proposal could potentially bring in 1.078 billion in Fiscal Year 15-16 and 1.607 and 1.949 billion in Fiscal Years 16-17 and 17-18, respectively.
The revenues from my proposal would be divided as follows:
We are facing a critical deficit affecting millions of families, and it will take bold, new proposals to address the challenges facing the Commonwealth. It has become increasingly clear that our public education system is woefully underfunded and our unfunded pension liability continues to grow. These financial challenges are needless in light of the natural richness of our commonwealth. We cannot afford to continue to ignore the resources in our own backyard.
I hope you join me in cosponsoring this proposal. Please contact my office if you have any questions.
Introduced as SB415