Sales Taxes Up, Overall Ohio Revenues Are Down - But That Could Flip Next Month
Ohio’s sales tax revenues were up for the last month, but income tax collections were way down.
The state’s Office of Budget and Management says overall, revenues were nearly 13% off forecasts.
Sales taxes were up by nearly 23% - and with car sales going briskly, auto sales taxes were up by 23.5%.
But with the state’s tax deadline pushed off till May 17, income tax collections were down 39%. But OBM says it expects that to be reversed next month.
It's a dramatic change from the report from one year ago. In April 2020, OBM reported tax receipts were down $866.5 million, or more than 35% off forecasts.
And not long after the budget was introduced, OBM Director Kimberly Murnieks indicated that the state's $2.7 billion rainy day fund may not need to be tapped after all, though Gov. Mike DeWine had said at one point in 2020that it was a possibility.