January tax receipts top $1 billion, make Oklahoma history
The record collections reflect the strength of Oklahoma's economy and indicate that individual earnings and spending are up more than ever.
Oklahoma Treasurer Ken Miller says the revenue collected by the state in January surpassed $1 billion for the first time in state history.
Miller released his monthly revenue report Tuesday. It indicates income tax withholding set a record last month as did total sales tax collections.
Miller says the record collections reflect the strength of Oklahoma's economy and indicate that individual earnings and spending are up more than ever. He says increasing collections are not related to increased tax rates and that tax rates have actually been cut in recent years.
Income tax withholding in January was $268 million. The previous withholding record was $246.3 million set in January 2012.
Gross sales tax collections were $365.3 million. The previous record was $364.9 million set in December 2012.
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