NewsOK member benefits

Oklahoma tax revenue falls behind; sales tax collections show gain

A decline in Oklahoma tax revenue isn't because of economic factors, state finance officials say. Higher oil prices and increased drilling activity last year allowed for the gross production tax on oil to start going into the state's main operating fund much quicker than expected.

By Michael McNutt | Published: December 11, 2012 Comment on this article

Multimedia

Photoview all photos

Article Gallery: Oklahoma tax revenue falls behind; sales tax collections show gain

“We may have gotten a little bump from early Christmas shopping, but consumer confidence has been a consistent feature of our recovery from the Great Recession over the last two years,” Doerflinger said.

“With the exception of energy taxes, key revenue figures are growing.” Doerflinger said. “Both sales and income taxes are up more than 8 percent for the first five months of the current fiscal year, compared to the same time period a year ago, and revenue from motor vehicle sales has increased by more than 6 percent. Also, total collections for the five-month period are running $33 million above the estimate.”

Page 2 of 2