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State ends FY23 with revenues nearly $1B over estimates

Written on Jul 14, 2023

From Hannah News Report 

According to the Office of Budget and Management (OBM), the state of Ohio ended FY23 on June 30 with tax revenues totaling $994.2 million or 3.6% above estimates for the year. 

The Personal Income Tax led the way for FY23, bringing in $645.1 million or 6.4% over estimates, for a total over the year of nearly $10.8 billion. It was followed by the non-auto sales tax, coming in at nearly $110.6 million or 1.0% over estimates while bringing in a total of nearly $11.5 billion for the year. The Commercial Activity Tax (CAT) ended the year nearly $82.9 million or 4.0% over estimates, with a total of nearly $2.2 billion for FY23. 

The auto sale tax brought in nearly $38.7 million or 2% over estimates for a total of nearly $2 billion for the year. 

Preliminary figures for June indicate the state saw revenues of nearly $153.5 million or 5.9% above the budgeted estimate. 

For the month, the non-auto sales tax collections were $10.3 million or 1% above the monthly estimate while the auto sales tax collections were nearly $11.1 million or 6.3% above estimate. The Personal Income Tax collections were nearly $59.8 million or 6.6% above estimate for the month and the Commercial Activity Tax performed above estimate by $113,000 or 0.7% in June. 

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