Ohio’s tax revenue continues to beat forecasts. According to the February financial report, released this week by the Office of Management and Budget, the state’s total tax receipts of $1.9 billion last month exceeded estimates by $182.9 million (10.6%). For the first eight months of the fiscal year, Ohio’s tax receipts have exceeded estimates by $722 million (4.5%).
During February, the tax revenue source with the largest year-over-year increase was personal income tax at $203.9 million (114.1%) above last year. The next-largest increases were financial institutions tax at $25.5 million (50.3%), commercial activity tax at $22.5 million (6.4%), and auto sales tax at $18.2 million (17.7%). 3/8/2021