Oklahoma income tax collections for January outperform expectations
Income tax receipts for January helped boost Oklahoma's overall tax collections by 10.2 percent, compared with the same period a year ago.
Gov. Mary Fallin said the double-digit revenue growth of income tax collections is a sign that Oklahoma's economy is headed in the right direction and that she intends to pursue “a measured, responsible tax cut in 2013.”
Fallin asked legislators last week to consider cutting the top rate of the state's personal income tax rate, dropping it from 5.25 percent to 5 percent. A reduction of that amount would cost the state about $40 million in the 2014 fiscal year and about $120 million annually when fully implemented.
Doerflinger said sales tax collections for the first seven months of this fiscal year have increased from a year ago by 6.8 percent and are running 1.4 percent ahead of the estimate for that time period.
“These figures are evidence of continued economic expansion,” Doerflinger said.