Federal Tax Overhaul May Speed Up Ohio's Energy Industry
The federal tax overhaul passed in December by Congress is raising questions about how changes may affect Ohio’s the energy industry.
Ian Goodman, president of the Goodman Group, financial consultants in the energy sector, says because energy companies are set up in many different ways, the effects of tax code changes will likely vary in many ways across the industry. The exception is new provisions that may make writing off capital investments faster.
“In Ohio, there’s been spending on drilling and spending on the infrastructure needed to move the products of the drilling to market,” Goodman says. “If, in fact, the bill makes that more favorable through these provisions allowing quicker write-offs, that will tend to encourage more rapid investment.”
Goodman, who has been following Ohio’s Utica Shale play since it began, says he expects it to continue developing for years to come regardless of the tax changes.