Oklahoma state revenue jumps 9 percent in October
BY BARBARA HOBEROCK World Capitol Bureau
Tuesday, November 06, 2012
11/06/12 at 7:47 AM
OKLAHOMA CITY - The state's gross revenue collections for October rose by 9 percent compared to last year, the highest percentage increase in eight months, Oklahoma State Treasurer Ken Miller said Monday.
Gross collections brought in $913.47 million in October.
Miller said the positive report was driven primarily by personal income tax collections, up by more than 20 percent, and better gross production numbers, which earlier this year had fallen as much as 54 percent below previous year collections.
"After leveling off for some six months, the revenue collections have resumed their positive trajectory," Miller said.
Gross income tax collections, a combination of personal and corporate income taxes, generated $315.14 million, an increase of 17 percent.
Personal income tax collections were $288 million, up 20.2 percent from the previous year. Corporate collections were $27.17 million, down 8.6 percent.
Sales tax collections, including remittances on behalf of cities and counties, brought in $337.27 million, up 4 percent more than October 2011.
Gross production taxes on oil and natural gas generated $63.38 million, a drop of 7.3 percent from last October. Compared to September reports, gross production collections were up by $10.31 million or 19.4 percent.
"Last month, we thought we had turned a corner with the extraction taxes and it now appears we have," Miller said.
Motor vehicle taxes produced $58.3 million, up by 11.7 percent from the previous year.
Other collections, consisting of about 60 sources including taxes on fuel, tobacco, horse race gambling and alcoholic beverages, brought in $139.39 million, up 12.5 percent more than October 2011.
Gross revenue from November 2011 through October of this year brought in $11.08 billion, up 5.6 percent from collections from the previous 12-month period.
Original Print Headline: State revenue jumps 9 percent in October
Barbara Hoberock 405-528-2465