tax revenue

tax form

State tax revenue came in very close to estimates in November. This is the second month in a row that forecasts have nearly been right on target.

Personal income tax revenue for November was up nearly $12 million, or 1.8 percent over estimates. And total tax revenue was up a half a point over the state budget office’s initial forecasts.

photo of Ohio Statehouse

Just one month ago the Ohio House, Senate and governor finished a marathon budget battle where leaders had to fill a $1 billion gap. Now the state is getting its first look at how the economy is shaping up for the next two years.

For the first month of the new fiscal year, a preliminary report shows in July, the state collected $29 million more in personal income tax revenue than expected - 5% above estimates. 

photo of John Kasich and reporters

Ohio’s tax revenue has fallen short of official estimates. As Statehouse correspondent Andy Chow reports, Gov. John Kasich is offering one possible solution.

Kasich says Ohio and about 20 other states are seeing a drop in spending, leading to less state revenue. And he says that means this budget will be tough. Kasich even hinted for the first time that the state might turn to its savings account.

Gov. John Kasich talking with reporters
Ohio Department of Transportation

Gov. John Kasich is following up on the cautionary statements his budget director has made about challenges coming in the next budget. Statehouse correspondent Karen Kasler reports.

Tax revenue coming in the first quarter of the fiscal year has been down. Last month tax receipts were nearly 5 percent lower than expectations, and total state revenue was more than 2 percent below projections. Gov. John Kasich says that means a tough state budget is ahead.