Oklahoma official: Unusually low corporate income tax revenue a factor in March revenue estimate shortcoming

Oklahoman Published: April 15, 2014
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OKLAHOMA CITY (AP) — Oklahoma’s finance secretary says collections by the general revenue fund fell 9.1 percent below the official estimate in March.

Secretary of Finance Preston Doerflinger said Tuesday the state experienced another month of unusually low corporate income tax revenue. Doerflinger says that the decline followed a major increase in tax credit claims.

March collections totaled $413 million, which is $41 million, or 9.1 percent, below the official revenue estimate upon which the fiscal year’s state budget is based.

Doerflinger says March’s weak collections rekindled the possibility of mandatory cuts for all state agencies for the budget year that ends on June 30.

Collections totaled $3.9 billion during the first three quarters of the current fiscal year. That’s $215 million, or 5.2 percent, below the official estimate for the nine-month period.