Claremore Daily Progress


February 5, 2014

State’s receipts set new highs



The latest Business Conditions Index for Oklahoma report points to continued growth in the state economy. The January survey shows Oklahoma with a rating of 54.7. Numbers above 50 indicate anticipated growth. The revenue report for January shows gross collections at $1.07 billion, up $59.32 million or 5.9 percent from January 2013.
Gross income tax collections, a combination of personal and corporate income taxes, generated $415.16 million, an increase of $13.52 million or 3.4 percent from the previous January.
Personal income tax collections for the month are $377.21 million, up $13.31 million or 3.7 percent from the prior year. Corporate collections are $37.96 million, an increase of $209,370 or 0.6 percent.
Sales tax collections, including remittances on behalf of cities and counties, total $378.33 million in January. That is $13.04 million or 3.6 percent above January 2013.
Gross production taxes on oil and natural gas generated $63.72 million in January, an increase of $5.68 million or 9.8 percent from last January. 
Compared to December reports, gross production collections are down by $6.11 million or 8.8 percent.
Motor vehicle taxes produced $70.89 million, up by $14.99 million or 26.8 percent from the prior year.
Other collections, consisting of about 60 different sources including taxes on fuel, tobacco, horse race gambling and alcoholic beverages, produced $140.52 million during the month. That is $12.09 million or 9.4 percent more than last January.
Between February 2013 and January 2014, gross revenue totals $11.51 billion. That is $405.04 million or 3.6 percent higher than collections from the previous 12-month period.
Gross income taxes generated $4.121 billion for the period, reflecting an increase of $135.91 million or 3.4 percent from the prior 12 months.
Personal income tax collections total $3.541 billion, up by $144.8 million or 4.3 percent from the February 2012 to January 2013 period. Corporate collections are $579.83 million for the period, a decrease of $8.89 million or 1.5 percent over the previous 12 months.
Sales taxes for the period generated $4.28 billion, an increase of $101.58 million or 2.4 percent from the prior 12 months.
Oil and gas gross production tax collections brought in $801.17 million during the 12 months, up by $83.66 million or 11.7 percent from the previous period.
Motor vehicle collections total $738.92 million for the period. This is an increase of $36.45 million or 5.2 percent from the trailing 12 months.
Other sources generated $1.564 billion, up $47.25 million or 3.1 percent from the previous 12 months.

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