Sales-tax income off charts
BY BARBARA HOBEROCK World Capitol Bureau
Wednesday, January 16, 2013
1/16/13 at 8:21 AM
OKLAHOMA CITY - Sales-tax collections in December set a record, state Finance Secretary Preston Doerflinger announced Tuesday in releasing December's general revenue fund report.
"We knocked it out of the ballpark on sales-tax collections, a key indicator of economic health, as receipts from that source hit $172 million in December, blowing away the record of $165.4 million," Doerflinger said.
The figure is a record for any month and an increase of 12.1 percent over the same month a year ago.
The old record was established in June.
Gov. Mary Fallin said, "As we begin a new year, record-breaking sales tax collections are further evidence that Oklahoma's economy continues to grow and prosper.
"Our excitement over increased revenue must be tempered, however, as the ongoing fiscal uncertainty in Washington, D.C., could impact the federal dollars we receive in Oklahoma," she added. "Hopefully, our leaders in Washington will get serious and work together to tackle our skyrocketing national debt and federal spending issues."
Total general revenue fund collections in December were $528.9 million, a drop from a year ago of 2.5 percent.
Doerflinger called the drop marginal, adding that the figures are also slightly lower for the first six months of the fiscal year.
"This is not due to economic factors," he said. "Those fractional declines are tied almost exclusively to natural gas refunds and lower prices for both gas and oil, compared to the same time period a year ago."
Income tax collections for the month were $277.3 million, or 5.7 percent more than previous-year collections.
Individual income tax receipts brought in $211 million, or 1.5 percent more than in the previous year.
Corporate tax collections brought in $66.4 million, or 21.4 percent more than December 2011 collections.
Gross production tax collections were $8.3 million, or 84.8 percent less than in the previous year.
Motor vehicle taxes produced $11.8 million in December, or 39.3 percent less than the previous year.
Revenue analysts at the Office of Management and Enterprise Services, formerly called the Office of State Finance, said vehicle sales in December 2011 were unusually high, brought on by pent-up demand as recovery from the recession began.
Other revenue produced $59.4 million in December, or 13.7 percent more than in the previous year.
Barbara Hoberock 405-528-2465
Finance Secretary Preston Doerflinger: "We knocked it out of the ballpark on sales-tax collections, a key indicator of economic health."