State Tax Revenues Declined Again In May
The state budget office is reporting income tax revenues were below projections in May. The numbers come as the Ohio Senate is considering how to make cuts in the pending two-year state budget bill. Ohio Public Radio's Karen Kasler reports.
May’s preliminary numbers show personal income tax collections came in almost $89 million below projections – a miss of nearly 14 percent. Because other revenues were up – notably, the state’s commercial activity tax – the total tax collections shortfall for May was $67 million. State budget director Tim Keen says this shouldn’t dramatically affect the ongoing budget process.
“The May tax revenue numbers are absolutely consistent with our previously announced expectation that budget and revenues would have to be reduced by at least $400 million in each year.”
While Keen’s office says it believes the state will end this fiscal year in the black, May’s report shows a total fiscal year shortfall of close to $841 million.