2006 Ohio Revised Code - [5709.11.2] 5709.112.Exemption for oil and gas recovery equipment.

[§ 5709.11.2] § 5709.112. Exemption for oil and gas recovery equipment.
 

For tax year 2006 and each tax year thereafter, all tangible personal property used in the recovery of oil or gas, when installed and located on the premises or leased premises of the owner, shall be exempt from taxation. Such tangible personal property shall be subject to taxation if it is not installed on the premises or leased premises of the owner, or if it is used for the transmission, transportation, or distribution of oil or gas, as provided in section 5711.22 of the Revised Code. The tax commissioner may adopt rules governing the administration of the exemption provided by this section. 
 

This section does not apply to any taxpayer that is required to file a report under section 5727.08 of the Revised Code. 
 

HISTORY: 151 v H 66, § 101.01, eff. 6-30-05.
 

The provisions of § 557.13.03 of 151 v H 66 read as follows: 

SECTION 557.13.03. The Tax Commissioner shall review the calculations of the multipliers used in the determination of oil and gas valuations, in light of the amendment by this act to section 5715.01 of the Revised Code, and the enactment by this act of section 5709.112 of the Revised Code. The review shall be conducted in sufficient time to be used in the Commissioner's annual entry adopting the multipliers for tax year 2006, to ensure that oil and gas properties are uniformly assessed as provided by law and this act. 

The effective date is set by § 612.21 of 151 v H 66.