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
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“Continued strength in these key revenue areas shows a state still on the move and growing,” Doerflinger said. “Most sectors remain healthy even amid federal budget uncertainty and the resulting effect on military and federal employee purchasing psyche, plus continued gross production collection challenges.”

General revenue fund collections totaled $455.4 million in May, an increase of $25.1 million, or 5.8 percent, compared with the same month last year.

However, May figures for gross production are somewhat skewed because they showed a gain with $29.4 million collected, compared with $12 million a year ago.

Gross production taxes in May 2012 actually generated more than $33.8 million for the general revenue fund, but most of that was diverted for the final payment on a $92.6 million supplemental appropriation for the 2012 fiscal year, which ended June 30, according to the Oklahoma Tax Commission.