Since then, 12-month receipts have climbed by $1.4 billion, an increase of 13.1 percent.
June marked the 15th consecutive month of positive growth in monthly Gross Receipts to the Treasury compared to the prior year, and 12-month collections have been higher than the previous period for 11 months in a row.
The 12-month report shows growth in all major revenue streams. The report for June collections shows growth in individual and corporate income taxes, along with sales tax and gross production taxes on crude oil and natural gas.
New revenue collections
The tax commission attributes $33.8 million in June to new revenue resulting from legislation enacted during 2017. The additional revenue comes primarily from changes in sales tax exemptions and gross production tax incentives. The new revenue accounts for 3.1 percent of June gross receipts. Out of $11.2 billion in gross collections since last August, $308.5 million, or 2.7 percent, has resulted from last year’s law changes. Tax increases on cigarettes, fuel and gross production signed into law in late March took effect on July 1 and will have no impact on collections until next month.
The Oklahoma Business Conditions Index, which summarizes several leading economic indicators, has topped growth neutral for 11 consecutive months. The June index slipped to 61.1, from 68.5 in May. Numbers above 50 indicate anticipated economic growth during the next three to six months.
June gross collections total $1.1 billion, up $86.7 million, or 8.6 percent, from June 2017. Gross income tax collections, a combination of individual and corporate income taxes, generated $389.7 million, an increase of $18 million, or 4.8 percent, from the previous June.
Gross revenue totals $12.18 billion during FY-18. That is $1.2 billion, or 11.1 percent, more than collections from the previous fiscal year. Gross income taxes generated $4.3 billion for the period, reflecting an increase of $334.8 million, or 8.5 percent, from the prior 12 months.
About Gross Receipts to the Treasury
The Office of the State Treasurer has issued the monthly Gross Receipts to the Treasury report since March 2011 to provide a timely and broad view of the state’s macro economy. It is released in conjunction with the General Revenue Fund allocation report from the Office of Management and Enterprise Services, which provides important information to state agencies for budgetary planning purposes. The General Revenue Fund receives less than half of the state’s gross receipts with the remainder paid in rebates and refunds, remitted to cities and counties, and placed into off-the-top earmarks to other state funds.
Opinion of the Editor
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David Van Risseghem is the Director of Sooner Politics.org. The resource is committed to informing & mobilizing conservative Oklahomans for civic reform. This endeavor seeks to utilize the efforts of all cooperative facets of the Conservative movement...