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In Pennsylvania unconventional natural gas is a huge part of the states' economy so of course it's also highly political Some Harrisburg politicians including the governor are claiming shale gas producers are not paying their fair share of taxes and that Pennsylvania is the only state that doesn't have a severance tax Is that true Or do somePinocchios need to be handed out Lets begin with the severance tax which is a tax on oil and natural gas production It is true that Pennsylvania is the only major producing state thatdoesnt have a severance tax But making that claim is highly misleading because Pennsylvania is also the only state that imposes an Impact Fee And that impact has been big 14 Billion has been generated since 2011 Funds have been spent on such things as public infrastructure like storm and sewer systems social services information technology public safety and environmental programs Harrisburg politicians complaining about the state not having a severance tax on unconventional shale gas production when they are fully aware there is an Impact Zaire trying to deliberately deceive the public For that we give them3 out of 5 Pinocchio's Now let's consider the charge that the shale gas industry is not paying its fair share in taste the best way to do that would be to compare Pennsylvania to other states, but that's not so easy to do because no state applies their taxes and tax breaks in the same way Pennsylvania's Independent Fiscal Office calculates an effective tax rate for the Impact Fee at an average of 36 since the fee was created That's quite a bit less than Texas for example which has a 75 severance tax But that tax rate comes down significantly in real terms because of discounts for unconventional wells over a decade and another steep discount for drilling costs And if you're comparing Pennsylvania to Texas you need to mention that PA has the second-highest corporate income tax rate in the country at a whopping 10 And Texas doesn't even have corporate income tax Nor does Ohio Pennsylvaniasregional competitor Louisiana is another big natural gas producer In 2017 the Pelican State charged a severance tax of just under 10 cents per MCF, but Louisiana doesn't tax horizontal wells for2 years or until the well has paid for itself That's not confusing is it West Virginia has one of the highest severance taxes in the country at 5 But maybe that punitive tax explains why Pennsylvania produces nearly three and a half times more natural gas than West Virginia even though the two states have similar geology This kind of apples to straw-berries to bananas comparison is what exists across all producing states, so its darn near impossible to compare one states taxes to another However there is one solid barometer to consider which is where investors are putting their money and that means where do you find the drilling rigs In recent years Texas has claimed the largest number of rigs by far Pennsylvania the nations second the largest shale gas...
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