Ohio tax revenues beat projections in August, driven by strong business taxes

Hannah News contributed to this report 

Ohio’s state tax collections outpaced expectations in August by $52.1 million, according to preliminary figures from the Office of Budget and Management (OBM). The state collected $2.57 billion for the month, 2.1% above estimates. 

The Commercial Activity Tax (CAT) was the standout performer, bringing in $63 million more than expected, a 16.2% increase. Personal income taxes also surpassed estimates, totaling $823 million, or $27 million more than projected. 

Sales tax revenue painted a mixed picture. While non-auto sales taxes came in nearly on target, auto sales taxes fell short by $18.2 million, a decline of nearly 10%. 

August marked the first month OBM used updated forecasts reflecting the recently enacted state budget. With two months of the fiscal year completed, tax revenues are running $245 million ahead of the same period last year, up 5.3%at $4.9 billion. 

“August tax revenues were strong across the major categories and Ohio’s budget biennium is off to a solid start,” OBM Director Kimberly Murnieks said.