Recession hits Oklahoma’s revenue collections

MICHAEL MCNUTT Modified: July 14, 2009 at 1:02 pm •  Published: July 14, 2009

> The fall-off in gross production taxes on oil and gas was particularly steep.

While total fiscal year gross production collections were 5.5 percent below the estimate, in the month of June they were off the estimate by 81.7 percent “reflecting the current low prices of these commodities,” Meacham said.

Net income taxes, a combination of personal and corporate income taxes, for the 2009 fiscal year produced $2.279 billion, which was $238.9 million, or 9.5 percent, below the prior year and $174.8 million, or 7.1 percent, below the estimate.

Gross production taxes on oil and natural gas yielded $718.5 million for the 2009 fiscal year, which was $106.7 million, or 12.9 percent, below prior year collections and $41.8 million, or 5.5 percent, below the estimate.

The state sales tax produced $1.647 billion for the year, which was $34.8 million, or 2.2, percent above the prior year, but $54.8 million, or 3.2 percent, below the estimate.

Preliminary reports for collections in the month of June, the last month of the fiscal year, show general revenue fund collections totaled $441.2 million, which was $190.3 million, or 30.1 percent, below the prior year and $156.7 million, or 26.2 percent, below the estimate.

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