Ohio Budget Office: Deferred Tax Filing Deadline Boosts July Receipts
Citations: Monthly Financial Report
SUMMARY BY TAX ANALYSTS
The Ohio Office of Budget and Management announced in its monthly report that July 2020 tax receipts were 42.4 percent above the previous year, driven largely by personal income tax collections, which were 87.3 percent above the previous July because of the deferred filing deadline; automotive and nonautomotive sales tax receipts increased by 25.7 percent and 17 percent, respectively.
The report suggested that the economy is likely to begin recovering from COVID-19 disruptions in the third quarter of 2020 but will remain dependent on additional federal relief.