Quantcast

Buckeye Reporter

Saturday, December 21, 2024

Ohio's combined tax revenues down 3.9% in Q2 compared to same quarter of the previous year

Webp zit8uzkmzh4gnemipvvykh1e9y3n

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 $9.9 billion in income, license, miscellaneous other and sales and gross receipts taxes during the second quarter of 2024, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

This represents a 3.9% decrease from the same quarter of the previous year, when combined tax revenues were $10.3 billion.

The majority of the state's tax revenue was collected through sales and gross receipts taxes ($6.4 billion) and income taxes ($2.9 billion).

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 it sets the tax classifications among the survey categories, and they may differ from the classifications set by the state governments. Also, not all states collect all types of taxes.

Q2 Ohio Tax Collections

Type of TaxAmount (millions)
Income Taxes$2,908
License Taxes$575
Other Taxes$15
Sales and Gross Receipts Taxes$6,370

Source: U.S. Census Bureau

MORE NEWS