Provided by Hannah News Service
Ohio’s Office of Budget and Management (OBM) Monday announced that state revenues came in at $111.6 million or 5.1% over estimates for October. Driving the overage were sales (auto and non-auto) and personal income taxes which brought in $48.2 million and $43.7 million, respectively, over estimate.
Specifically, those numbers break down as follows:
- Non-Auto Sales Tax collections were $40.2 million or 4.3% above the monthly estimate.
- Auto Sales Tax collections were $8.0 million or 5.2% above estimate.
- Personal Income Tax collections were $43.7 million or 6.1% above estimate for the month.
- The Commercial Activity Tax (CAT) performed above estimate by $10.4 million or 11.1%.
The state collected a total of nearly $2.3 billion in October. For fiscal year 2023, which started on July 1, the state has collected a total of $9.1 billion or $349.8 million (4.0%) over estimates.
Compared to a year ago, Ohio collected nearly $2.2 billion in October 2021 with a total of $8.6 billion collected for FY22. That means the state collected $483.6 million more in FY23 than a year ago.