In spite of external threats, volatile markets and global instability, Oklahoma’s economy is rising above the chaos, State Treasurer Ken Miller said today as he released the state’s monthly gross receipts report.
October collections were 7.4 percent higher than in October of last year, showing steady improvement in the state’s economy. Collections over the past 12 months are up almost nine percent from the previous 12 months.
Miller said gross revenue, a reflection of the state’s economic performance, has grown for 20 consecutive months.
Oklahoma: A positive example
“Oklahoma’s two major revenue streams, income tax and sales tax, are showing remarkable resilience,” he said. “Income tax collections – up by almost 12 percent this month – show Oklahomans are making more money, and sales tax collections – up by almost nine percent – show we are also gaining confidence.”
By contrast, the index for a nine-state region of the Midwest and Plains, of which Oklahoma is a member, dipped slightly below the positive benchmark. Oklahoma and North Dakota, both energy-rich states, continue to outperform the other states in the region.
The nine-state region includes Arkansas, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, South Dakota and Oklahoma.
Miller said the increase in unemployment is likely another sign of economic improvement.
Collections in all major categories increased in October, except for gross production. However, Miller said the decrease was expected as remittances from the tax on oil and natural gas production reflect prices and volumes from two to three months ago.
The revenue report for October shows gross collections at $838.01 million, up $57.5 million or 7.4 percent from October of last year.
Personal income tax collections for the month are $239.56 million, up $11.49 million or 5 percent from the prior year. Corporate collections are $29.71 million, an increase of $16.72 million or 128.7 percent.
Gross production taxes on oil and natural gas generated $68.36 million in October, a decrease of $9.44 million or 12.1 percent from last October. Compared to September reports, gross production collections are down by $19.19 million or 28.1 percent.
Motor vehicle taxes produced $52.2 million, up by $6.05 million or 13.1 percent from the prior year.
Gross income taxes generated $3.596 billion for the 12 months, reflecting an increase of $349.77 million or 10.8 percent from the trailing 12 months.
Sales taxes for the period generated $3.798 billion, an increase of $270.35 million or 7.7 percent from the prior 12-month period.
Oil and gas gross production tax collections brought in $1.035 billion during the 12 months, up by $106.98 million or 11.5 percent from the previous period.
If the $8.32 million in gross production remitted in October but recorded in November were included, 12-month collections in the category would have been $1.043 billion, an increase of $115.3 million or 12.4 percent from the prior 12 months.
Other sources generated $1.414 billion, up $70.45 million or 5.2 percent from the previous period.