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Economy

State Income Tax Revenue Drops in December

Money
SHUTTERSTOCK.COM
The final tax revenue report from the Kasich administration shows a drop in income tax collections.

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.