Gross tax receipts reached a new high for the third consecutive month, Oklahoma State Treasurer Ken Miller said at a news conference Thursday.
The gross production tax collections of oil and natural gas topped the list, up by more than 31 percent from this time last year.
Gross collections for September were at $1.01 billion, up $19.52 million or 2 percent from one year ago, Miller said.
“The turnaround in gross production tax collections up over the prior year for the fifth month in a row — is most encouraging,” he said. “After 17 months of falling gross production numbers, it's good to see the positive trend and the effects it has on our state and businesses.”
According to the treasurer's monthly report, personal income and sales tax collections also were higher than in September of last year, and only corporate income and motor vehicle taxes dropped lower than the previous year.
Sales tax collections also were up from last September by $13.11 million, or 3.7 percent.
Miller also commented on the possible effect of the federal government shutdown, saying that while the fiscal impact cannot be determined now, it could hurt Oklahoma's economy.
“While Oklahoma's jobless rate held steady in August at 5.3 percent and our expansion continues, new threats to the recovery have emerged from Washington,” Miller said. “In the short run, the federal government shutdown will create inconveniences and nuisances. In the longer term, it could negatively impact the recovery by dampening demand and eroding confidence. And, it could inhibit the state's ability to deliver core services due to the loss of federal funding on shared program expenses.”
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In the short run, the federal government shutdown will create inconveniences and nuisances. In the longer term, it could negatively impact the recovery by dampening demand and eroding confidence.”
State Treasurer Ken Miller,