State revenues remain strong in March
State revenue collections for the month of March showed considerable strength, beating state projections by nearly 21 percent, or $324 million. Three quarters through State Fiscal Year 2022, total state tax collections have exceeded estimates by approximately $1.4 billion.
Non-auto sales tax collections exceeded estimates in March by 7.8 percent, while auto sales tax beat estimates by 16.2 percent. State income tax collections also showed considerable strength, coming in over 47 percent above estimate.
“Ohio continues to outpace estimates and our economic outlook is positive,” stated OBM Director Kim Murnieks following the March data release.
The full monthly financial report released by OBM can be accessed here.
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