Claremore Daily Progress

State/Nation

February 5, 2014

State’s receipts set new highs

(Continued)

OKLAHOMA CITY —

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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