Oklahoma revenue rises 3.8 percent in 2012, treasurer says
BY BARBARA HOBEROCK World Capitol Bureau
Friday, January 04, 2013
1/04/13 at 4:56 AM
OKLAHOMA CITY - Gross revenue collections in 2012 were 3.8 percent higher than the previous year, state Treasurer Ken Miller reports.
Oklahoma's economy continues to grow, but the pace of the recovery slowed during 2012 compared with 2011, Miller said.
Gross revenue collections last year brought in slightly more than $11 billion, or $405.36 million more than collections in 2011.
"Twelve-month collections now stand more than $1.7 billion higher than in February of 2010," Miller said Thursday. "Since we hit the trough nearly three years ago, nearly 90 percent of the revenue lost from our peak in December 2008 has been recovered."
Gross income taxes generated $3.96 billion in 2012, or a 6.8 percent increase from the previous year.
Personal income tax collections were $3.37 billion, up 5.6 percent form 2011. Corporate collections were $588.98 million, an increase of 14.2 percent.
Sales tax collections generated nearly $4.2 billion, up 8.7 percent from the previous 12 months.
Oil and gas production taxes brought in $728 million, down 29.8 percent.
Motor vehicle collections were $701.89 million, an increase of 5.9 percent.
Other sources generated $1.5 billion, up 6.3 percent from the previous year.
December gross collections brought in nearly $975 million, up 1.5 percent from December 2011.
Gross income tax collections generated nearly $379 million, an increase of 1.6 percent from the previous December.
Sales tax collections, including remittances on behalf of cities and counties, were nearly $365 million in December, a 5.9 percent increase from December 2011.
Sales tax collections indicate a healthy Christmas shopping season in Oklahoma, Miller said.
Gross production taxes on oil and natural gas generated $60.16 million in December, a drop of 15.7 percent.
Motor vehicle taxes produced $52.18 million, a drop of 12.4 percent from the previous year.
"I was a little bit surprised by the negative 12 percent number for motor vehicle," Miller said. "We looked back and looked at the previous December to see what happened there. It was an extremely strong month for motor vehicle sales last December.
"This number is down compared to the previous December. But last December was probably exceptional in how high the number was," he said.
"I think it was more than twice the number we usually see in December after you had all of that pent-up demand from the recession and people holding off buying those new big-ticket items like cars.
"They came back in a very big way last year."
Other collections, consisting of about 60 different sources including taxes on fuel, tobacco, horse race gambling and alcoholic beverages, produced $118.63 million, up 5.4 percent over last December.
Original Print Headline: 2012 State Revenue Up 3.8 Percent
Barbara Hoberock 405-528-2465