Oklahoma state revenue boosted by income tax collections

Collections for Oklahoma's principal funding source are up nearly 6 percent in May compared with the same month a year ago, reports show.
BY MICHAEL MCNUTT mmcnutt@opubco.com Modified: June 11, 2013 at 8:30 pm •  Published: June 11, 2013

With one month left in this fiscal year, total Oklahoma general revenue fund collections — boosted by increased income tax receipts — are coming in ahead of last year's pace.

General revenue fund collections through May total $5 billion, which is $65.1 million, or 1.3 percent, above total collections for the same period a year ago, according to state finance reports released Tuesday.

“Oklahoma's economy remains robust and reliable heading into the home stretch of the fiscal year,” state Finance and Revenue Secretary Preston Doerflinger said.

“Revenues are once again tracking slightly above annual projections.”

Individual income taxes contributed $176.3 million to the general revenue fund in May, an increase of $7.3 million, or 4.3 percent, over the same month a year ago. Corporate income taxes came in at $5.2 million, an increase of 20.5 percent compared with May 2012, state finance reports show.

It is the third consecutive month that corporate income tax collections had a double-digit increase over the same month in 2012.

Sales taxes were up $4.5 million, or 3 percent, from May 2012, according to reports.

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