State revenue collections up 7.7 percent from last year
BY BARBARA HOBEROCK World Capitol Bureau
Thursday, May 03, 2012
5/03/12 at 4:09 AM
OKLAHOMA CITY - Gross revenue collections for April rose 7.7 percent from last year, State Treasurer Ken Miller said Wednesday.
Total gross revenue collections for April were $1.16 billion, up by almost $83 million from last year.
"All major sources of revenue saw growth over the prior year except for gross production, which fell by more than 20 percent," Miller said.
Officials are closely eyeing the price of natural gas as they craft a budget for fiscal year 2013. Miller said the state has a cushion of about $250 million, which should be sufficient to absorb any reduction due to lower than expected prices for natural gas.
About $188 million in gross production on natural gas was figured into the proposed 2013 fiscal year budget of about $6.6 billion.
Gross income tax collections, a combination of personal and corporate income taxes, brought in $565.4 million, a 10.8 percent increase.
Income tax collections accounted for almost 50 cents of every dollar collected in April, which was the tax filing deadline month, Miller said.
Personal income tax collections for April generated $489.9 million, up 10.3 percent. Corporate collections generated $75.6 million, up 14.7 percent.
Sales tax collections, including remittances to cities and counties, brought in $347.3 million, up 7.1 percent.
Gross production taxes on oil and natural gas generated $62 million, a drop of 21.1 percent from last April. Compared to march reports, gross production collections are down by 8.4 percent.
Motor vehicle taxes produced $56.7 million, up 13.8.
Other collections, consisting of about 60 different sources including taxes on fuel, tobacco, horse race gambling and alcoholic beverages, brought in $125.2 million, a 12.7 percent increase.
"Right now, we would have to say the Oklahoma economy continues to do well," Miller said.
Legislative leaders and Gov. Mary Fallin are in the midst of budget negotiations and talks about lowering the state income tax rate from 5.25 percent.
Miller, former House Appropriations and Budget chairman, said he would advocate for cutting spending and tax credits, deductions and exemptions by $1 for every $1 cut in taxes, or paying for the tax cut up front.
Lawmakers and Fallin have also discussed making future cuts dependent on revenue growth or the use of a trigger.
"I have never been a fan of triggers," Miller said. "I think they are more about politics than economics."
Original Print Headline: State revenue collections up in April
Barbara Hoberock 405-528-2465