News Release
May 5, 2009 – Ohio tax commissioner: Income tax
revenue fell short in April
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COLUMBUS, Ohio – Income tax revenue
into the state’s general revenue fund fell $322 million
short of projections during the month of April, Ohio
Tax Commissioner Richard A. Levin said today.
State officials had been watching April revenue
carefully because of the month’s importance in
determining total income tax receipts for the fiscal
year. Annual tax returns for tax year 2008 and the
first quarterly estimated payment for tax year 2009
were both due in April.
The results were disappointing. For the month, net
income tax revenue into the state’s General Revenue
Fund was $1,129 million, or 22 percent short of
projections.
The fall was even greater when compared to April, 2008,
when the state General Revenue Fund realized $1,752
million in net income tax revenue. Last month’s net
income collections fell almost 36 percent short of that
mark.
“The national economic recession is injecting
considerable downward pressure and uncertainty on state
tax collections throughout the United States,” Levin
said. “Ohio has not been immune to these trends.”
In December, Fiscal Year 2009 revenue estimates were
revised downward to take account of the changing
national economic conditions. The December forecast is
that state income tax revenue would fall 9 percent in
Fiscal Year 2009 when compared to the previous year –
by far the largest such drop in the history of the tax.
In fact, through April, income tax receipts are 15
percent lower than the 2008 pace.
Levin said that, through April, income tax receipts are
$397 million below the current Fiscal Year 2009
estimate. Based on that income tax performance and
other factors, the Office of Budget and Management
indicates that there may be a Fiscal Year 2009 budget
gap of at least $600 million and potentially $900
million or more.
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News media with further questions should contact John
Kohlstrand at (614) 644-3858. For answers to specific
taxpayer questions, individual taxpayers should call
(800) 282-1780; business taxpayers should call (888)
405-4039.
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