Provided by Hannah News Service
Ohio brought in 3.4% more in tax revenue than expected in August, led by income tax collections that exceeded forecasts, according to preliminary figures from the Office of Budget and Management (OBM).
Income taxes generated $54.2 million or 6.8% more than expected to reach $847.6 million.
Sales taxes generate $24.4 million or 2.2% more than expected to reach $1.1 billion. Non-auto sales taxes generated the bulk of that, coming in more than $17 million or 1.9% over estimates. Auto sales taxes were up $7.1 million or 3.7%.
The Commercial Activity Tax missed forecasts by $7 million or 1.9%, reaching $369.1 million.
The total of $82.7 million in collections over estimates represents the entirety of collections over estimates for the fiscal year; the Office of Budget and Management updated revenue projections for FY23 last month and so did not calculate estimates for July revenues. Total tax collections for FY23 so far are $4.5 billion, 1.9% ahead of estimates.
Taxes have generated $233.4 million more in the first two months of FY23 than in the same period of FY22.
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