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06/17/2021

ACEC Ohio Legislative Update - June 17, 2021

Budget Offices Significantly Hike Tax Revenue Outlook For Upcoming Biennium

Report from Gongwer News Service: State budget crafters got a healthy dose of good news Thursday as administration and legislative analysts both projected tax intake over the Fiscal Years 2022-2023 biennium is now expected to be more than $3 billion higher than the projections developed for the spending bill's (HB 110) unveiling in February.

Office of Budget and Management Kimberly Murnieks briefed members of the House-Senate Conference Committee on the latest estimates.

"Total GRF baseline tax revenue is now estimated to be $26.5 billion in fiscal year 2022, an upward revision of nearly $1.7 billion from the Blue Book forecast," she said in prepared testimony. "For fiscal year 2023, total baseline tax revenue is estimated at $27.2 billion, reflecting a $1.6 billion increase from the Blue Book baseline forecast."

Nonetheless, Ms. Murnieks warned that some of the positive outlook for the next two years results from one-time federal boosts and suggested that a significant portion of the overage be set aside as a "buffer" given the uncertainties in the economy moving forward post-pandemic.

Legislative Service Commission Director Wendy Zhan is set to report its forecasts are $1.18 billion (4.7%) and $1.25 billion (4.8%), respectively, higher than the group's February forecasts for FY 2022 and FY 2023. (Testimony)

 

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