Ohio tax collections

After three months of declines, Ohio took in 8% more in taxes than the Office of Budget and Management estimated, though much of that is connected to the delay of the tax deadline to July 15. But there was a different kind of growth in the state’s July report that could be concerning.

Ohio Department of Taxation
Karen Kasler / Statehouse News Bureau

Personal income tax revenue is back up again in the latest round of monthly reports from the state budget office. But as Statehouse correspondent Karen Kasler reports, the overall numbers are right on target. The state’s personal income tax haul for the annual tax return month of April was up nearly 12 percent, and the commercial activity tax that businesses pay was up 35 percent.

tax form
FLICKR

State tax revenue came in below estimates last month, after two months of better-than-expected numbers. But the state says it’s still in good financial shape.

The preliminary numbers for September show a 2.3 percent dip in the personal income tax revenue compared to estimates. Meanwhile total tax receipts came in just under one-half of one percent below estimates.

Despite these lower than expected numbers, the state is still above water when it comes to total revenue.

Nine months after lawmakers created a committee to examine state tax breaks and loopholes to see which ones should be abolished or closed off, that committee finally has some members.

House and Senate leadership have appointed four Republicans and two Democrats to the new Tax Expenditure Review Committee, which will look over $9 billion in exemptions, credits, deductions and other breaks in the budget. Zach Schiller from the progressive think tank Policy Matters Ohio has been waiting for this group to start working.

photo of money
JO INGLES / STATEHOUSE NEWS BUREAU

New numbers from the state budget office show Senate Republicans were correct in saying they needed to close a billion dollar hole in the upcoming budget. The trend of the state having less money to spend is expected to continue.

photo of John Kasich 2013 budget signing
KAREN KASLER / STATEHOUSE NEWS BUREAU

As the state’s budget shortfall approaches a billion dollars, a tax cut adopted four years ago is getting attention. The small business tax cut promoted by Republican leaders has saved business owners money – but has gained a lot of criticism in the process.

photo of money
JO INGLES / STATEHOUSE NEWS BUREAU

State senators are preparing to put out their version of Ohio's budget, in which they need to trim hundreds of millions of dollars to make sure it’s balanced. The state budget office is reporting another big loss in tax collections for the current fiscal year.

photo of Gov. Kasich rainy day funds
KAREN KASLER / STATEHOUSE NEWS BUREAU

There’s been a lot of discussion about when or if to use the $2 billion in the state’s rainy day fund. A national group has studied the impact of using rainy day funds in budget crises.

Tim KEEN and lawmakers
KAREN KASLER / OHIO PUBLIC RADIO

For the ninth time in 10 months, Ohio's tax revenues came in below estimates. And Statehouse correspondent Karen Kasler says that is raising many questions among lawmakers trying to work out the upcoming state budget.

State Budget Director Tim Keen says that April’s preliminary numbers show revenues were $159 million below estimates, led by lower income and sales tax collections.