Oklahoma tax revenue picks up in September

Total tax collections for Oklahoma's general fund are up 3 percent compared with a year ago.
BY MICHAEL MCNUTT mmcnutt@opubco.com Modified: October 9, 2012 at 7:06 pm •  Published: October 10, 2012
Advertisement
;

September tax collections for Oklahoma's main operating fund topped projections as well as receipts for the same month a year ago, state finance officials said Tuesday.

Three of the four major contributors to the state's general revenue fund — combined income, sales and motor vehicle taxes — showed growth in September, Finance Secretary Preston Doerflinger said. Gross production taxes on oil and natural gas continued to come in below projections.

“The Oklahoma economy has been on a roll the past two years, and this report indicates to me that our recovery from the recession is still ongoing,” he said.

Total tax collections for the state's general revenue fund for September were $541.9 million, up $15.6 million, or 3 percent, from a year ago. The amount collected for the month was $19.3 million, or 3.7 percent, higher than the estimate.

The September report was better news for the state than August, when total receipts declined by 6.8 percent from the previous year mainly because of lower natural gas tax and income tax receipts.

Gross production tax collections from natural gas brought in $1.7 million and oil collections made no contribution to the general revenue fund. Natural gas gross production tax collections were $27.8 million, or 94.2 percent, below previous year collections and $17.8 million, or 91.3 percent, lower than the estimate.