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Oklahoma sees increase in corporate income taxes

Oklahoma is showing an increase in corporate income taxes, but state finance officials said overall tax revenues for March dipped below last year's pace because of an unusual amount of income tax refunds and continuing reductions in natural gas prices.
BY MICHAEL MCNUTT Modified: April 9, 2013 at 9:56 pm •  Published: April 9, 2013

Doerflinger, who also is director of the Office of Management and Enterprise Services, said combined income tax receipts so far this fiscal year are 7.1 percent ahead of last year's collections. Sales taxes are outpacing receipts from a year ago by 5.5 percent, he said.

While natural gas prices have improved recently, natural gas receipts are still running behind last year's collections so far this fiscal year, he said. Oil receipts also have dropped substantially compared with last year.

“Natural gas taxes continued to drag down revenues in March,” Doerflinger said. “It's likely that prolonged subpar natural gas pricing is also negatively affecting overall revenue collections, including sales taxes.”

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