Oklahoma's economy continues to do well despite low performance from energy sector
Total tax revenue collections for Oklahoma came in almost 3 percent higher in September compared with the same period a year ago, collections show. Receipts from the gross production tax on natural gas and oil remained well below previous year totals, but not as steep a reduction as in August.
Collections from the gross production tax on oil and natural gas in September again remained below totals for the previous year, but the decline isn't as steep as last month, state Treasurer Ken Miller said Monday.
“Hopefully, we've turned the corner there,” Miller said.
Overall, total tax revenue collections, a reflection of the performance of the state's economy, came in for September almost 3 percent higher compared with the same month a year ago, Miller said. Three of the four major categories were positive, with income tax leading the way, up almost 16 percent. Sales tax and motor vehicle receipts also showed growth.
Collections from the gross production tax on oil and natural gas remained well below previous-year totals, Miller said. They were down almost 40 percent in September, but that is an improvement from their low in August of being down 54 percent compared with the same month a year ago.
“Oklahoma's economy continues to climb up the expansion side of the business cycle in spite of low prices for natural gas,” Miller said. “The state's economy continues to perform well.”
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