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Ohio Nears Its Target for Tax Revenue in November

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State tax revenue came in very close to estimates in November. This is the second month in a row that forecasts have nearly been right on target.

Personal income tax revenue for November was up nearly $12 million, or 1.8 percent over estimates. And total tax revenue was up a half a point over the state budget office’s initial forecasts.

For the year, the personal income tax has brought in $28 million more than estimates, and total tax revenue is running three tenths of a point over where forecasters thought it would be. At this time in the last fiscal year, income tax revenue was off nearly 5 percent and total tax revenue was $259 million less than predicted.

Forecasts for the last fiscal year were off for 11 of 12 months, creating a budget hole of nearly a billion dollars. State budget director Tim Keen had said he would revise his forecasts downward.

Karen is a lifelong Ohioan who has served as news director at WCBE-FM, assignment editor/overnight anchor at WBNS-TV, and afternoon drive anchor/assignment editor in WTAM-AM in Cleveland. In addition to her daily reporting for Ohio’s public radio stations, she’s reported for NPR, the BBC, ABC Radio News and other news outlets. She hosts and produces the Statehouse News Bureau’s weekly TV show “The State of Ohio”, which airs on PBS stations statewide. She’s also a frequent guest on WOSU TV’s “Columbus on the Record”, a regular panelist on “The Sound of Ideas” on ideastream in Cleveland, appeared on the inaugural edition of “Face the State” on WBNS-TV and occasionally reports for “PBS Newshour”. She’s often called to moderate debates, including the Columbus Metropolitan Club’s Issue 3/legal marijuana debate and its pre-primary mayoral debate, and the City Club of Cleveland’s US Senate debate in 2012.