Ohio’s FY Tax Collections Beating Estimates by $2.5B

Ohio’s tax collections continue to exceed expectations. In May, the state collected $105.3 million over the official forecast. According to the Office of Budget and Management, the state’s FY22 tax collections are now $2.55 billion over estimates with one month left in the fiscal year.

As reported by Hannah News Service, for the fiscal year to date, sales taxes have brought in $590 million or 5.2% more than expected, while personal income tax collections are ahead of estimates by $1.8 billion or 22.8%. The Commercial Activity Tax has exceeded estimates by $199.5 million or 11.2%.

Meanwhile, Ohio Department of Job and Family Services has announced that nearly $398 million in improperly awarded unemployment benefits have been recovered to date. 6/8/2022