State tax collections grew more than 4 percent in March, boosted by double-digit growth in revenues from personal income taxes and oil and gas production, state Treasurer Ken Miller announced Thursday.
State revenue collections were $985.02 million in March. That’s an increase of $40.46 million, or 4.3 percent, over March 2013.
“Clearly, Oklahoma’s economy continues to do relatively well,” Miller said, noting that state revenues for the past 12 months also are up more than 4 percent.
March personal income tax collections and revenues from gross production taxes on oil and gas were particularly strong, he said.
The state received $287.06 million from personal income tax collections, an increase of 14.8 percent from the same month a year earlier. Gross production taxes generated $75.57 million in March, an increase of 13 percent from the prior year.
Miller said one weak area continues to be corporate income tax collections, which declined 14.2 percent to reach $100.26 million in March.
The treasurer also reported:
•March sales tax collections totaled $343.84 million, a 5 percent increase over March 2013.
•Motor vehicle taxes totaled $58.91 million, up 6 percent over the same month last year.
•Tax collections from about 60 smaller sources raised $119.38 million in March, which was 6.5 percent less than last March.
Personal income in Oklahoma rose 3.3 percent in 2013. That’s the seventh-highest growth rate in the nation, Miller said.
Meanwhile, the state’s unemployment rate dropped from 5.2 percent in January to 5 percent in February, he said.