State revenue for January up 10 percent from year ago
BY BARBARA HOBEROCK World Capitol Bureau
Wednesday, February 13, 2013
2/13/13 at 4:18 AM
OKLAHOMA CITY - Rising income tax receipts in January lifted collections for the general revenue fund to the highest monthly total so far this fiscal year.
January collections brought in $578.3 million, an increase of $53.4 million or 10.2 percent from the same month a year ago.
"Income tax collections are outperforming expectations by double digits through the first seven months of fiscal year 2013," Finance Secretary Preston Doerflinger said Tuesday. "Sales taxes also are performing well.
"These figures are evidence of continued economic expansion as we approach next week's final certification of revenues available for the next state budget."
The Board of Equalization meets Feb. 19 to certify the official, final revenue estimates that will be used for the fiscal year 2014 budget.
"Another month of double-digit revenue growth is a great sign that Oklahoma's economy is headed in the right direction," Gov. Mary Fallin said. "To make sure it stays on track, I will continue to pursue pro-growth policies with the Legislature, including a measured, responsible tax cut in 2013.
"As the state continues to see increased revenue growth, we want to make sure as much of that money as possible ends up back in the wallets and bank accounts of hard-working Oklahomans."
Fallin has proposed reducing the state income tax to 5 percent from its current 5.25 percent.
In January, combined personal and corporate income tax receipts totaled $281.5 million, beating collections from the previous year by 19.6 percent.
Individual income tax collections reached $255.9 million for the month, exceeding the total for January 2012 by 20.2 percent.
Corporate tax collections brought in $25.6 million, or 13.9 percent more than in January 2012.
Sales tax collections brought in $166.1 million, or 0.6 percent more than in the previous year.
Gross prosecution taxes for January generated $35.3 million after rebates. The figure is 33.7 percent less than collections for January of last year.
Motor vehicle tax collections produced $18.2 million, or 2.2 percent more than in the previous year.
Other revenue produced $77.3 million, or 4.5 percent more than in the previous year.
Original Print Headline: Month's state revenue up 10 percent from year ago
Barbara Hoberock 405-528-2465