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Oklahoma gross revenue collections set new high

Total Oklahoma revenue collections exceeded the previous record — which occurred five years ago — by almost 10 percent, state treasurer says.
BY MICHAEL MCNUTT Published: May 4, 2013

Oklahoma monthly gross revenue receipts reached an all-time high in April, state Treasurer Ken Miller said Friday.

Total collections of $1.3 billion exceeded by almost 10 percent the previous record of $1.2 billion, which occurred in April 2008, he said.

April's strong performance brings 12-month collections of $11.2 billion to within 1 percent of the 12-month collections peak of $11.3 billion set in December 2008, Miller said.

“These numbers indicate Oklahoma's economic expansion continues,” Miller said. “April collections are obviously good, but just as we wouldn't make too much of one decidedly negative month, we should not read too much into this one.”

Income tax collections were the primary driver of the increased monthly collections, Miller said. Gross income tax receipts were more than $100 million higher than in April last year and accounted for 53 percent of total collections from all sources, he said.

Miller said the Oklahoma Tax Commission reports the jump came from estimated tax payments for personal and corporate income taxes. Personal estimated payments were up 28 percent, including several payments that were submitted along with tax year 2012 filing extensions. Corporate estimated payments rose 44 percent compared with last year. Three large payments totaled $30.5 million.

Sales tax collections rose modestly during the month, up about 3 percent from the same month a year ago, he said.

Gross production taxes on natural gas and oil were down 7.8 percent compared with April 2012 and motor vehicle collections were 4.1 percent below last year's collections, he said.


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