Oklahoma's gross tax collections show improvement
Gross tax receipts in October recorded their highest increase in year-to-year comparisons in eight months, Oklahoma Treasurer Ken Miller says.
November 6, 2012
Oklahoma's gross tax receipts recorded their highest increase in year-to-year comparisons in eight months, despite uncertainties surrounding Tuesday's elections, state Treasurer Ken Miller said.
Personal income tax collections were up by more than 20 percent compared with a year ago, and gross production taxes on oil and natural gas improved, Miller said.
The energy gross production taxes had fallen as much as 54 percent below prior year collections earlier this year.
Overall, total tax revenue collections, a reflection of the performance of the state's economy, for October came in 9 percent higher compared with the same month a year ago, Miller said.
"In spite of the uncertainty surrounding the national elections … Oklahoma's economy is showing marked improvement," Miller said. "After leveling off for some six months, revenue collections have resumed their positive trajectory."
Energy gross production collections in October, while still below a year ago, declined by just more than 7 percent from October a year ago, he said. Compared with September reports, gross production collections are up by $10.3 million, or 19.4 percent.
The state's other major revenue streams - sales and motor vehicle taxes - grew during October. Sales taxes are up 4 percent compared with the same month a year ago, and motor vehicle taxes are up nearly 12 percent.
The revenue report for October sets gross collections at $913.5 million, up $75.56 million, or 9 percent, from the same month a year ago.
Gross income tax collections, a combination of personal and corporate income taxes, generated $315.1 million, an increase of $45.9 million, or 17 percent, from the previous October.
Personal income tax collections for the month are $288 million, up $48.4 million, or 20.2 percent, from the prior year. Corporate collections are $27.2 million, down by $2.5 million, or 8.6 percent.
Sales tax collections, including remittances on behalf of cities and counties, total $337.3 million in October, which is $12.9 million, or 4 percent, above the same month a year ago.
Gross production taxes on oil and natural gas generated $63.4 million in October, a decrease of $4.9 million, or 7.3 percent, from the same month a year ago.
For the 12-month period ending in October, gross revenue totals $11.1 billion, which is $584.8 million, or 5.6 percent, higher than collections from the previous 12-month period.