Toledo income tax collections rise 3.1 percent in 2012
2/21/2013The city of Toledo last year collected $4.8 million more than it did in 2011 from income taxes - an increase of 3.1 percent, the Bell administration announced today.
The city collected nearly $158.4 million in 2012 from the 2.25 payroll tax.
Councilman George Sarantou, chairman of council's finance committee, said the income tax report was good news.
The city's “business income tax” category for 2012 showed a much greater growth factor over 2011.
“In the business tax, which would be your small businesses and corporations, we collected an additional 17.7 percent higher than 2011,” Mr. Sarantou said. “That means those businesses are paying higher taxes because they have more people on payroll and making a profit so that means we have a growth in our recovery.... This shows that the economy is recovering at a slow but steady pace.”