Ohio’s FY25 revenues exceed estimates by $1 billion

Hannah News contributed to this report 

According to preliminary revenue data from the Office of Budget and Management (OBM) released July 7, Ohio exceeded its revenue forecast for the just concluded FY25 by $1.04 billion or 3.7%.  

The Personal Income Tax accounts for the bulk of the overage, coming in $691.3 million, or 7.1% above estimates on the year. In total, the state collected nearly $10.4 billion in income taxes over the last 12 months.  

The new two-year budget bill signed into law on June 30 makes Ohio the 15th state to enact a flat tax — at the rate of 2.75% on nonbusiness income once the move is fully phased in during tax year 2026. 

Sales, income, commercial activity, tobacco and most other taxes all did better than expected for the year. Sales taxes on autos and other goods and services brought in $14.1 billion in the last fiscal year. 

A total of $29.2 billion was collected in FY25, which ended on June 30, 2025. This was nearly $1.3 billion more than was collected in FY24 when revenues totaled $27.9 billion. 

Revenues for June totaled nearly $2.9 billion or $239.1 million over the estimate of $2.6 billion. Again, the Personal Income Tax accounted for the bulk of that, coming in at nearly $183.3 million above estimates.