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Surplus grows to $1.4B as tax collections stay strong

Written on Apr 8, 2022

The state notched another month of strong tax collections in March, taking in almost $324 million more than projected, according to preliminary figures from the Office of Budget and Management (OBM). 

Tax collections through the first three quarters of FY22 are now running $1.4 billion or 7.7% over estimates, reaching $19.58 billion versus projections of $18.17 billion. 

Income taxes led the way, yielding nearly half again as much as expected in March, although April revenues typically tell the tale on that tax source. The state brought in $675 million, $216.9 million or 47.3% more than expected. OBM attributed last month’s strong income tax figures to refunds running lower than expected. 

For the fiscal year so far, income taxes are $886 million or 14.4% over estimates. 

Sale tax collections surged in both categories, with the auto sales tax up by $25.2 million or 16.2%, and non-auto sale tax up $57.5 million or 7.8%. The category as a whole brought in $82.8 million or 9.3% more than expected, reaching $976.3 million. 

For the fiscal year so far, sales taxes are $390.7 million or 4.3% over estimates. 

The Commercial Activity Tax brought in $8.9 million more than expected, reaching $24.3 million versus projections of $15.4 million. 

Total tax receipts for March were $323.9 million or 20.8% ahead of estimates, reaching $1.88 billion. 

Compared to this point in FY21, the state has collected $1 billion or 5.5% more in taxes so far in FY22. 

“With three quarters of FY22 complete, Ohio revenues continue to outpace estimates and our economic outlook is positive. Gov. DeWine’s conservative, balanced budget approach delivers positive results for Ohioans,” said OBM Director Kimberly Murnieks in a statement. 

Story originally published in The Hannah Report on April 7, 2022.  Copyright 2022 Hannah News Service, Inc.