The Economy & Business
Mon July 15, 2013
Tax Revenues End Above Estimates
Ohio’s economic recovery is showing up in the figures on tax revenue that state government is taking in. The final money tally from state budget year that just ended has Ohio up three percent compared to original estimates.
The newly released final numbers from the budget year which ended June 30 show the state getting more money than predicted, $670 million more over the past year to be exact.
That figure is about three percent more than original estimates.
Revenue from the personal income tax brought in a large chunk of that money with $537 million more than expected.
A few years ago, when the recession hit, tax revenues began to fall way below estimates. But now that’s changed and Budget Director Tim Keen is upbeat.
“We’ve seen very strong tax results through the course of this year that makes us optimistic as we move into the next budget period,” said Keen.
State legislators were clued-in to the higher than estimated numbers while finalizing the new two-year budget a few weeks ago.
Keen appeared before a legislative committee last month to deliver his office’s final estimates which came out pretty close to these new numbers.