Updated 09/12/2012 09:40 PM
Leaders discuss financials of fracking
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ONONDAGA COUNTY, N.Y. -- County executives from across the state have gathered in Central New York for their fall meeting. It’s a chance for leaders to work together on the issues each similarly face.
One of the prime topics of discussion at this year's meetings has been hydrofracking. A presentation Wednesday highlighted taxation issues related to the industry.
Officials say right now, the state has no tax structure for state taxes to be recouped and that's a real concern if New York is even considering allowing gas drilling.
"If it's going to happen, the state has to be prepared to capture revenue from the industry so that local and state costs are covered and there is equity and fairness in the economic value of the business," presenter Martha Robertson said.
And Tompkins County may be ahead of the curve when it comes to these issues. They have already formed a committee that has been looking into taxation and other potential sources of revenue related to the industry.