Claremore Daily Progress

Business

October 2, 2012

Revenue collections resume climb

OKLAHOMA CITY —  

Overall state revenue collections slightly outpaced those from the prior year, despite continued lower collections from oil and natural gas production, Oklahoma Treasurer Ken Miller reported Monday.
Figures released by Miller show that three of the state’s other major tax categories grew in September compared to the same month last year, including income, sales and motor vehicle taxes. Overall, gross collections for the month totaled $988 million, an increase of $27 million, or nearly 3 percent, from September 2011.
“Oklahoma’s economy continues to climb up the expansion side of the business cycle in spite of low prices for natural gas,” Miller said. “After two years of sharp growth in revenues, collections have leveled off over the past half-year.”
Collections from Oklahoma’s gross production tax on oil and natural gas were down about 40 percent compared to September 2011, but Miller noted that figure is an improvement from August’s 54 percent drop.
Miller, who also is an economist, said he was particularly pleased to see September sales tax collections increase 6 percent over the prior year since sales tax is a measure of consumer confidence.
“I think we have an optimistic consumer in Oklahoma,” he said.
Overall income tax collections, including both personal and corporate income taxes, generated more than $402 million in September, an increase of nearly 16 percent from September 2011, Miller noted.
Motor vehicle taxes generated nearly $59 million, a 6.3 percent boost over the same month in 2011.

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