Ohio’s August Tax Receipts Stronger Than Expected

Preliminary data from Ohio’s Office of Budget and Management (OBM) show that August tax receipts to the state’s general revenue fund (GRF) exceeded estimates. Total tax receipts beat estimates by 3.2%, or $69 million above the budget forecast.

In its monthly report, OBM said the commercial activity tax (CAT) fell below estimates by 9.9%, but this period reflects the second quarter, which included the most severe drop in economic activity during COVID-19. In August, personal income tax saw a year-over-year increase of $116.5 million (16.2%). Non-auto sales tax increased by $17.3 million (2.2%), and auto sales grew by $11 million (7.6%). Year to date, Ohio’s overall tax receipts are $830.4 million (21.6%) above last year. 9/15/2020