March tax revenues exceed targets

Hannah News contributed to this article 

According to preliminary revenue data from the Office of Budget and Management (OBM), the state has brought in nearly $100 million more than expected in taxes this March. For the first three quarters of FY25, collections are ahead by more than half a billion dollars. 

The sales tax, Ohio’s largest tax source, is missing estimates by 1% to $10.1 million, reaching $978 million according to preliminary March revenue totals from OBM. Though partially offset by a $7.1 million or 4.9% overperformance in the auto sales tax, the non-auto sales tax was down $17.3 million or 2.1%. 

The income tax brought in $610 million, which was $82.5 million or 15.7% more than forecasted. This drove March’s overestimated tax collections. 

The Commercial Activity Tax (CAT) brought in $15.4 million or 162.4% more than expected. Having a far bigger overperformance proportionally but a smaller overall effect on collections. 

Total tax receipts of $1.86 billion were $98.1 million or 5.6% ahead of estimates. 

So far, this fiscal year, overall tax collections reached $20.9 billion, $529.5 million or 2.6%more than expected. The income tax, at $7.2 billion, is more than 5% ahead of expectations. The sales tax, at $10.3 billion, is nearly 1 percent ahead of expectations. 

Tax collections are ahead by $625 million, or 3.1% compared to this point in FY24. This year, March collections exceed collections for the same month in the prior fiscal year by almost $258.9 million.