Wed June 13, 2012
Ohio tax revenues projected to top pre-recession levels
Ohio is one of several states projecting increased tax revenues for the upcoming fiscal year. Jim Letizia reports.
States expect to collect higher tax revenues in the coming budget year that combined would top pre-recession levels, according to a survey by the National Governors Association and the National Association of State Budget Officers.
Tax revenue is forecast to rise 4.1 percent in the 2013 budget year, the highest level in five years. A slowly healing job market and modest growth have boosted sales and income taxes, which provide nearly three-quarters of revenues.
Corporate income taxes are also growing. Ohio tax revenue exceeded projections for the month of May. And eleven months into the fiscal year, state tax receipts are 2.3 percent above estimates. Ohio tax revenue is projected to rise to $17.6 billion next year. Still, many states continue to struggle and some states, such as California, are seeing greater revenues only after raising taxes to stem deficits.