News and Analysis
Ohio Tax Revenue Beating Estimates by 4.6% for Fiscal Year
January 14, 2022Ohio’s General Revenue Fund (GRF) — which funds a large portion of state government spending — continues to bring in more tax money than expected. According to the Office of Budget and Management (OBM), the GRF in December surpassed all previous months of the fiscal year, exceeding revenue estimates by $243.6 million (11.9%).
For the fiscal year-to-date, Ohio’s tax revenue has exceeded estimates by $580.3 million (4.6%). More details in OBM’s monthly report. 1/11/2022
Upcoming Changes to R&D Tax Credit
January 7, 2022OMA Connections Partner HBK has published this insight into the federal R&D tax credit. In its analysis, HBK discusses what activity makes a business eligible for the R&D credit, how to calculate the credit, and new filing requirements to reduce audits. 1/5/2022