(The Center Square) – Oklahoma took in a record-breaking amount of tax revenue in September, and also for the previous 12-month period ending in September.
September revenue collections totaled $1.38 billion, bringing the 12-month total revenue collected to $14.5 billion, according to the state treasurer. September collections were up 20% over the same month last year.
"It's encouraging, but Oklahoma's small businesses still face a long, difficult recovery from the economic downturn caused by the COVID-19 pandemic," Jerrod Shouse, Oklahoma state director of National Federation of Independent Business, told The Center Square. "Supply chain disruptions and a lack of job applicants remain a problem and make it hard for small businesses to provide the goods and services their customers need."
Corporate and income taxes generated $530 million in September, $77.3 million more than the same month last year. Sales and use taxes grew by $74 million over the same time last year, reaching $531.8 million, and gross production taxes on oil and natural gas grew by $59.7 million, totaling $106.1 million for September.
The previous 12-month total for corporate and income tax was nearly $5.1 billion, $312.3 million over the previous year's total. Sales and use taxes increased by $565.5 million, topping out at $6 billion. Production taxes on oil and natural gas increased by $227.1 million, totaling $936 million. This is due primarily to the increase in the price of oil, which, in July, hit its highest price per barrel since November 2014.
In comparison with pre-pandemic years, the change seems to be positive, as collections are continuing to come in over projections.
"Looking back exactly two years, Oklahoma General Revenue Fund collections in September 2019 were $554.3 million, which was $9.2 million more than collected in September 2018 but nearly $37 million less than estimated," Shouse said.
via Oklahoma's Center Square News
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