State Revenues Show Strong Uptick in January
After a lackluster December, state tax revenues for January were positive compared to the Kasich Administration’s estimates. Personal income tax collections were $46 million above the projection, and sales taxes were $29 million higher. All told, tax revenues exceeded the estimates by $70 million for the month. For the fiscal year, the state now has collected $147 million more in taxes than expected. These figures bode well for the state’s fiscal picture, although the content of Governor Kasich’s anticipated budget-related legislative proposals has not been revealed yet.