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Buckeye Reporter

Saturday, December 21, 2024

Ohio sees less individual income tax revenue in Q1

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Patricia Harris Tax Commissioner at Ohio Department of Taxation | Ohio Department of Taxation

Patricia Harris Tax Commissioner at Ohio Department of Taxation | Ohio Department of Taxation

Ohio collected $1.9 billion in individual income taxes during the first quarter, a 24.3% decrease from the fourth quarter of 2023, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

The previous quarter's individual income tax revenue was $2.4 billion.

Individual income taxes are based on net personal income and taxes imposed on such income as dividends, interest, and income from intangibles.

In addition to detailed tax revenue data from each state, the Quarterly Summary of State and Local Government Tax Revenue includes an estimate of state and local government tax revenue at a national level.

The Census Bureau cautions that it sets the tax classifications among the survey categories, and they may differ from the classifications set by the state governments.

Overall, Ohio collected $8.7 billion in combined tax revenues in the first quarter, a decrease from the $9.9 billion collected in the previous quarter.

Q1 Ohio Tax Collections
Type of TaxAmount (millions)
Sales and Gross Receipts Taxes$6,085
Individual Income Taxes$1,853
License Taxes$668
Other Taxes$15
Source: U.S. Census Bureau

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