The 2015 Recession Is Over
At 4.1 percent, Oklahoma’s seasonally adjusted unemployment rate in December was down by one-tenth of a percentage point from the prior month, according to figures released by the Oklahoma Employment Security Commission. The U.S. jobless rate was also set at 4.1 percent in December and January. Oklahoma unemployment figures for January are not scheduled for release until March 12.
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.
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...