State Tax Revenues Return to Normal Patterns

The Ohio Office of Budget and Management has released data for last month indicating that state tax receipts have returned to better-than-expected levels in February after a few months of shortfalls. OBM’s Director Kimberly Murnieks has attributed the previous sharp decrease to a change in state and federal law that delayed refund requests for the 2022 tax year.

Ohio added $2.1 billion in tax revenues last month, exceeding the forecast by more than $38 million. 3/21/2024