Oklahoma tax revenue falls behind, sales tax collections up
BY MICHAEL McNUTT NewsOK.com
Tuesday, December 11, 2012
OKLAHOMA CITY - Total tax collections in November for Oklahoma were down from the same month a year ago, but the decline wasn't because of economic factors, state finance officials said Tuesday.
Tax collections to the state's general revenue fund, its main operating fund, were $369 million, a decrease from a year go of $55 million, or 13 percent. Receipts for the month fell short of the estimate by $28.1 million, or 7.1 percent.
The decline is tied to the general revenue fund receiving no funds this year from the gross production taxes on oil because of lower oil prices.
Because of increased drilling and relatively high oil prices last year, the gross production tax on oil came in significantly above estimates last year. The first $150 million in oil revenue each fiscal year is dedicated to three separate education funds; collections last year hit that benchmark in October, two months earlier than expected.
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