State Income Tax Revenue Drops in December
The final state tax revenue report of the Kasich administration showed a big drop in personal income tax collections last month.
December’s personal income tax haul was down almost $47 million, nearly six percent below forecasts.
When all taxes are added in, including sales taxes and the commercial activity tax, total tax revenue was down only 2 percent. The total tax take is still in the black – up just over 1 percent.
By this point in the last two-year budget cycle, tax receipts were off nearly 300 million dollars, pushing the state toward a budget shortfall that eventually approached a billion dollars.
Kasich leaves office January 14, so the next report will come from the DeWine administration.