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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.
BY MICHAEL MCNUTT Published: October 2, 2012

Total tax revenue collections came in below the previous year in three of the past seven months, including August. Oil and natural gas production collections have been consistently lower than the previous year for 10 consecutive months.

Sales tax collections, generally viewed as a measure of consumer confidence, were up almost 6 percent in September, Miller said.

“This is obviously a good sign, even though sales tax has been growing by double digits for much of the past year,” he said. “It's still strong growth.”

The revenue report for September sets gross collections at $988 million, up $27.6 million, or 2.9 percent, compared with the same month a year ago.

Gross revenue totaled $11 billion during the 12-month period from October to September, the report shows. That is $566.8 million, or 5.4 percent, higher than collections from the previous 12-month period.


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