Ohio Tax Collections Beat Estimates Even After Winter WeatherMark Niquette
Ohio’s tax receipts are running $217.3 million ahead of projections for the year even as the weather has depressed collections.
Collections were 2.9 percent higher than expected in February and 1.7 percent over estimates for the fiscal year that ends June 30, according to a March 10 report from the Office of Budget and Management.
Sales-tax revenue in February was off $59 million, or 8.9 percent, because of winter weather and unexpected refunds on business-to-business sales, the office said.
Income-tax receipts were 45.9 percent above forecast in February and are running $280.9 million, or 5.4 percent, ahead for the fiscal year. Predicting revenue was difficult because of an income-tax cut and other changes enacted last year and uncertainty about the economic expansion, Budget Director Tim Keen said in budget testimony March 12.
Bonds from Ohio and its local issuers have returned about 4 percent this year compared with 3.3 percent for the broader municipal market, according to S&P Dow Jones Indices.