Pennsylvania governor proposes new tax on nat gas extraction

• Pennsylvania Gov. Tom Wolf is proposing a new 5% severance tax on natural gas extraction in the state, saying the measure could generate $1B or more.
• The measure could face some pushback in the state's Republican-controlled legislature, but some kind of fracking tax could pass, as lawmakers from both parties already have proposed taxes from 3.2% to 8%.
• Like other major natural gas producing states, Pennsylvania already has a severance tax on the value of the gas extracted at the wellhead.
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