State Treasurer, Ken Miller, is reporting a record increase continues for state taxes collected. More than 15% increase for February, compared to last year.
The 2015 Recession Is Over
Decreases are seen in corporate income and motor vehicle tax collections. The bottom line for the month is up by $117.8 million.
Collections from the past 12 months compared to the previous 12 months show growth in every major revenue stream except for corporate income tax. Total 12-month collections are up by $929.3 million, or 8.6 percent.
New revenue collections
The tax commission attributes $31.7 million in February 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 3.6 percent of February gross receipts. Out of $6.8 billion in gross collections since August, $172.6 million, or 2.5 percent, has resulted from law changes from last year.
The Oklahoma Business Conditions Index has topped growth neutral for seven consecutive months. The February index was set at 60.5, up from 57.8 in January. Numbers above 50 indicate anticipated economic growth during the next three to six months.
February gross collections total $877.3 million, up $117.8 million, or 15.5 percent, from February 2017.
Gross income tax collections, a combination of individual and corporate income taxes, generated $273.7 million, an increase of $35.7 million, or 15 percent, from the previous February.
Individual income tax collections for the month are $268.5 million, up by $36.1 million, or 15.6 percent, from the prior year. Corporate collections are $5.2 million, a decrease of $474,000, or 8.3 percent.
Sales tax collections, including remittances on behalf of cities and counties, total $363.1 million in February. That is $39.2 million, or 12.1 percent, more than February 2017.
Gross production taxes on oil and natural gas generated $66.8 million in February, an increase of $28.9 million, or 76.1 percent, from last February. Compared to January reports, gross production collections are up by $6 million, or 9.8 percent.
Motor vehicle taxes produced $53.2 million, down by $280,000, or 0.5 percent, from the same month of 2017.
Other collections, consisting of about 60 different sources including use taxes, along with taxes on fuel, tobacco, and alcoholic beverages, produced $120.5 million during the month. That is $14.4 million, or 13.5 percent, more than last February.
Twelve month collections
Gross revenue totals $11.7 billion from the past 12 months. That is $929.3 million, or 8.6 percent, more than collections from the previous 12 months.
Gross income taxes generated $4.1 billion for the period, reflecting an increase of $212.2 million, or 5.4 percent, from the prior 12 months.
Individual income tax collections total $3.7 billion, up by $227.2 million, or 6.5 percent, from the prior 12 months. Corporate collections are $419.8 million for the period, a decrease of $15 million, or 3.5 percent, over the previous period.
Sales taxes for the 12 months generated $4.5 billion, an increase of $324.1 million, or 7.7 percent, from the prior period.
Oil and gas gross production tax collections brought in $593.8 million during the 12 months, up by $226.5 million, or 61.7 percent, from the previous period.
Motor vehicle collections total $759.4 million for the period. This is an increase of $19.4 million, or 2.6 percent, from the trailing period.
Other sources generated $1.7 billion, up by $147.2 million, or 9.4 percent, from the previous year.
About Gross Receipts to the Treasury
Since March 2011, the Office of the State Treasurer has issued the monthly Gross Receipts to the Treasury report, which provides a timely and broad view of the state’s macro economy.
It is provided 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.