OKLAHOMA CITY — For the second day in a row, state officials have released tax figures that seem to indicate a slowing of Oklahoma’s economy.
On Friday, Treasurer Randy McDaniel reported that gross sales tax payments to the state treasurer were off in July for a second straight month.
McDaniel also noted that gross production receipts would have been lower if not for rate increases on certain wells.
“Gross receipts continue to generally reflect the expansion that has been ongoing in the state’s economy,” McDaniel said in a news release. “Nonetheless, we are beginning to see indications that a potential slowdown in growth revenue is on the horizon.”
Overall collections are continuing to rise at a healthy pace, with July’s up 9.5% from July 2018.
The flattening of sales tax receipts is troubling, though, because it is one of the state’s two largest revenue sources and by far the most important one for municipalities.
Sales tax receipts were 2.5% less in June than for the same month a year ago and 0.7% less in July.
“We had hoped the reduction in June sales tax collections was an anomaly caused by severe weather damage,” McDaniel said. “However, if that had been the case, we should have seen a rebound in July.”
Gross receipts to the treasury include all taxes paid to the state, including those collected on behalf of local governments and money that will be returned to taxpayers as rebates and refunds.
Gross receipts in July were $1.12 billion, or $97.4 million more than for the same month a year ago. Income tax receipts were 12% higher than a year ago.
Motor vehicle and gross production receipts also increased, as did use tax collections. Other sources, which include medical marijuana, fuel and alcohol taxes, rose by more than one-quarter to $153.7 million.
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