State Treasurer Ken Miller reports second straight month of record-setting tax receipts

For the second month in a row, total gross tax receipts to Oklahoma state government, on an annualized basis, reached an all-time record.  

In his monthly meeting with members of the state Capitol press corps, Treasurer Ken Miller reported that twelve-month collections are up more than 3 percent from a year ago. After August growth of $16.5 million from the record set in July, gross receipts for the past 12 months stood at more than $11.31 billion.

Through July, the 12-month cycle had produced nearly $11.3 billion for the government. That was $12.6 million (0.1 percent) above the previous high, set in December 2008.

In discussion with CapitolBeatOK, Miller noted that the breakdown of receipts from the gross production tax (levies on oil and natural gas) have transformed over the last two years. 

Two years ago, about two-thirds of the gross production receipts came from taxes on natural gas production; about one-third came from the tax on oil production.

As of the August 2013 reports, proportions have flipped: two-thirds come from oil, only one-third from natural gas.

In his prepared remarks, Miller said, “After spending most of a year in negative territory, gross production tax collections have exceeded prior month collections for four consecutive months. In August, gross production receipts exceed the prior year’s numbers by more than 40 percent.”

Miller’s report pointed to at least some “downers,” including a slight dip in the Oklahoma Business Conditions Index, due to small job losses in the energy industry and related fields.

Further, “Oklahoma’s jobless rate has increased for three consecutive months and is set at 5.3 percent in July. That compares to a national unemployment rate of 7.4 percent.” 

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