Ohio continues to generate tax revenues above estimates.
Ohio’s Office of Budget and Management (OBM) reported January income tax revenue reached $1.15 billion, $188 million higher than estimates for the month. For the fiscal year, which began July 1, 2021, income tax revenue was $5.56 billion, $484.3 million higher than expected, according to a report released on Monday. February 7.
With higher-than-expected income tax collections, Ohio collected $2.57 billion in total tax revenue last month, or $236 million, or about 10%, more than the 2, $34 billion planned.
“Our January earnings report demonstrates that our balanced budget is strong. Governor (Mike) DeWine’s strong conservative leadership continues to propel Ohio’s economic boom,” OBM Director Kimberly Murnieks said in a statement.
Sales tax yield increased overall, with strong non-auto sales tax performance outpacing the auto sales tax shortfall. Auto sales tax was the only category to be lower than projected: $134.9 million in January, about $14.6 million, or 9.8%, below estimates for the month. Auto sales continue to be constrained by supply issues.
The state’s business tax, known as the business activity tax, raised $87 million in January, up $5.4 million, or 6.7%, from 81.6 million dollars planned. CAT collections so far this fiscal year are approximately 7.7% ahead of estimates.