Getting ready for gas money

By Dave Sherry

February 28, 2013 Updated Mar 1, 2013 at 12:32 AM EDT

Binghamton, NY (WBNG Binghamton) It was a chance for members of local school districts and municipalities to find out what natural gas drilling could mean for their tax bases.

The law firm of Hogan, Sarzynski, Lynch, Dewind and Gregory held a seminar at the Binghamton Riverwalk Hotel where they shared some tips for making the most of potential gas drilling revenue -- should hydraulic fracturing ever become legal in New York.

One recommendation is to adjust tax rates in order to make the best use of revenue to counteract what they described as a five-year "boom-and-bust" fluctuations the natural gas industry can experience.

"The responsible thing to do, assuming that this happens, is to be able to save up all that money in the good years to spend it in the poor years. And, sure, we can lower tax payers' rates, but it should be in a slow, steady way, as opposed to wild swings," said firm partner James Gregory.

Organizers said the presentation was neither pro- nor anti-drilling, but merely an informational session for municipalities to be able to plan for the possible influx in tax revenue.

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