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Friday, September 19, 2008

House Bill 1373 Crucial Funding For Rural PA Areas

Revenue from tax on underground resources seen as windfall, but bill would need more support to pass.

By Rory Sweeney rsweeney@timesleader.com
Staff Writer--Times Leader

Local municipalities could tap into the potential natural gas drilling windfall if state lawmakers are able to push through legislation that’s been stalled for more than a year.

House Bill 1373 would amend the state General County Assessment Law to explicitly make underground resources such as natural gas and oil subject to real estate assessment and taxation. The bill would require gas companies to pay taxes on the resources they extract, but wouldn’t add any tax burden to landowners.

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