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Ohio Tax Collections Below Monthly Estimates
By: Associated Press
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COLUMBUS, Ohio (AP) – Ohio income-tax collections have missed their mark on estimates for two consecutive months.
Income-tax revenue was 6 percent below estimates in December and more than 7 percent below estimates in January, a total of $124 million short.
Income-tax revenue over the past seven months is overall 2.2 percent or $121.5 million below estimates.
State budget director Kimberly Murnieks says they believe part of the reason for the lower numbers is timing, due to people modifying how they are paying estimated tax payments based on federal tax law.
Murnieks says state tax collections still remain on target due to the sales tax coming in 2 percent above projections.
She says the budget is still heading toward a year-end surplus largely due to declining Medicaid caseloads.