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May overage of $105M takes Ohio FY22 surplus past $2.5B

Written on Jun 9, 2022

Hannah News Report  

Better than expected tax collections continued in May with $105.3 million collected in excess of forecasts, bringing the state’s FY22 tax collections to $2.55 billion over estimates with just one month left in the fiscal year. 

Sales taxes accounted for most of May’s over-estimate collections. Non-auto sales taxes brought in $973.7 million versus the $910 million expected, a 7% bump over forecasts; auto sales taxes were essentially on target, missing the expected $179.4 million expectation by just $59,000. 

For the fiscal year to-date, sales taxes have brought in $590 million or 5.2% more than expected. 

The personal income tax yielded $775.7 million in May versus $753.6 million expected, a 5.8% overperformance. So far in FY22, income tax collections are ahead of estimates by $1.8 billion or 22.8 percent. 

The Commercial Activity Tax brought in $44 million or 12.4% more than expected, yielding $399.4 million in May. For the fiscal year to-date, the CAT is over estimates by $199.5 million or 11.2%. 

Tax collections in the first 11 months of the fiscal year reached $25.4 billion, 11.2% more than expected. 

Compared to this point in FY21, the state has collected $1.6 billion or 6.9% more in tax revenue.