Sooner Politics.org
  • Front Page
  • Oklahoma News
    • Oklahoma Reports
    • OCPAC
    • Oklahoma Constitution News
    • Citizen of the Year
    • Oklahoma History
    • Today, In History
    • Oklahoma Center Square
    • Faked Out Sports
    • AP Wire
    • NewsBreak Oklahoma
    • Inside the Capitol
    • Lawton Rocks
    • Muskogee Now
    • OSU Sports
  • Podcasts
  • SPTV
    • Fresh Black Coffee, with Eddie Huff
    • AircraftSparky
    • Red River TV
    • Oklahoma TV
    • E PLURIBUS OTAP
    • Tapp's Common Sense
  • Editorial
    • From the Editor
    • Weekend Report
    • 3D Politics
    • Reagan Speaks
  • Sooner Issues
    • Corruption Chronicle
    • Constitutional Grounds
    • State Groups
  • Sooner Analysts
    • OCPA
    • Muskogee Politico
    • Rooke Report
    • SoonerPoll
    • Everett Piper
    • Andrew Spiropoulos
    • Tulsa Devil's Advocate
    • Eddie Huff & Friends
    • 1889 Institute
    • Steve Byas
    • Michael Bates
    • Steve Fair
    • Josh Lewis
    • Tulsa Today
    • OK2A
    • Dr. Jim Meehan
    • AFP Oklahoma
    • Sooner Tea Party
  • Nation
    • Bongino Report
    • Breitbart News
    • Daily wire
    • Steven Crowder
    • InfoWars News
    • Jeff Davis
    • Alex Lains
    • The F1rst
    • Nigel Farage
    • NewsMax
    • America's Voice
    • Ron Paul Institute
    • Bill Gertz
    • Emerald
    • Just the News
    • Trey Gowdy
    • Fox Politics
    • National Commentary
  • Wit & Whimsy
    • Libs of Tiktok
    • It's Still The Law
    • Terrence Williams
    • Witty Cartoons
    • Will Rogers Said
    • Steeple Chasers
    • The Partisan
    • Satire
  • SoonerPolitics.org

Shh! Don't Tell Anyone... The Oklahoma Recession Is Over

3/14/2018

Comments

 
  State Treasurer, Ken Miller, is reporting a record increase continues for state taxes collected. More than 15% increase for February, compared to last year.
OKLAHOMA CITY – February Gross Receipts to the Treasury grew by 15.5 percent from the same month of the prior year and reflect an increasing growth rate in collections over the past year, State Treasurer Ken Miller announced today.

For 13 of the past 14 months, monthly gross receipts have increased over the prior year. During that time, the monthly rate of growth has risen from 0.5 percent in January 2017 to this month’s 15.5 percent.

“The trend line shows increasing growth in Oklahoma gross collections,” Miller said. “Together with other economic indicators, it appears the state’s economy is gaining momentum.”

February gross receipts show increases in collections from individual income, sales, and gross production taxes. 
Picture

The 2015 Recession Is Over

Picture
This data shows that a 2-year decline in economic indicators abruptly changed course, a year ago.
​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.

Other indicators
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.
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 collections
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.
Comments

    Sooner Politics
      Editorial  

    Picture
    David Van Risseghem reports the events and adds some perspective. 


    Search Our Archives.

    Get A Daily News Email

    * indicates required

    Get new posts by email:


    Archives

    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016
    August 2015
    January 2015


    Subscribe in a reader
    ​We recently moved our blog. Our archives are still partially stored at our old site. 

    Author

    David Van Risseghem  is the Publisher of SoonerPolitics.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...

    ​"No politician 'checks off every box" in your list of issues. You have to prioritize and use personal discretion regarding every current and future issue that you can imagine. Then you have to also judge integrity & consistency. A candidate's openness to study the issues & courage to think for themselves. Then you need to review their honesty & work ethic.  I respect any voter's decision, when they've informed themselves and took voting seriously." - David Van Risseghem
​FRONT PAGE •  OKLAHOMA NEWS • EDITORIAL • SOONER ISSUES •​ STATE GROUPS •​ SOONER ANALYSTS •​ LAWMAKER'S JOURNAL •​ NATION •​ NATIONAL COMMENTARY •​ CARTOONS •​ ​
Picture

918 . 928 . 7776

 SoonerPolitics.org is committed to informing & mobilizing conservative Oklahomans for civic reform & restored liberty. We seeks to utilize the efforts of all cooperative facets of the Conservative movement... Content of the diverse columns are solely at the discretion of the dozens of websites who create the content.   David Van Risseghem  is the founder of this platform.
 Sooner Politics News is a platform, not a media site. All our bloggers get their feeds promoted regardless of content. As soon as We suppress or delete even one posting, we become an endorser of whatever We didn't censor..The publisher doesn't (and could not) logically agree with all the content, so we would not expect any rational reader to agree, either. What we do hope, is that readers will think for themselves, and at least be better informed of the issues, events, and values that our citizen journalists work hard to provide for free.. We automate much of the tasks so that our sources' content gets as much exposure as possible. We encourage constructive discussion & debate. The solution is more free speech, not less.​

  • Front Page
  • Oklahoma News
    • Oklahoma Reports
    • OCPAC
    • Oklahoma Constitution News
    • Citizen of the Year
    • Oklahoma History
    • Today, In History
    • Oklahoma Center Square
    • Faked Out Sports
    • AP Wire
    • NewsBreak Oklahoma
    • Inside the Capitol
    • Lawton Rocks
    • Muskogee Now
    • OSU Sports
  • Podcasts
  • SPTV
    • Fresh Black Coffee, with Eddie Huff
    • AircraftSparky
    • Red River TV
    • Oklahoma TV
    • E PLURIBUS OTAP
    • Tapp's Common Sense
  • Editorial
    • From the Editor
    • Weekend Report
    • 3D Politics
    • Reagan Speaks
  • Sooner Issues
    • Corruption Chronicle
    • Constitutional Grounds
    • State Groups
  • Sooner Analysts
    • OCPA
    • Muskogee Politico
    • Rooke Report
    • SoonerPoll
    • Everett Piper
    • Andrew Spiropoulos
    • Tulsa Devil's Advocate
    • Eddie Huff & Friends
    • 1889 Institute
    • Steve Byas
    • Michael Bates
    • Steve Fair
    • Josh Lewis
    • Tulsa Today
    • OK2A
    • Dr. Jim Meehan
    • AFP Oklahoma
    • Sooner Tea Party
  • Nation
    • Bongino Report
    • Breitbart News
    • Daily wire
    • Steven Crowder
    • InfoWars News
    • Jeff Davis
    • Alex Lains
    • The F1rst
    • Nigel Farage
    • NewsMax
    • America's Voice
    • Ron Paul Institute
    • Bill Gertz
    • Emerald
    • Just the News
    • Trey Gowdy
    • Fox Politics
    • National Commentary
  • Wit & Whimsy
    • Libs of Tiktok
    • It's Still The Law
    • Terrence Williams
    • Witty Cartoons
    • Will Rogers Said
    • Steeple Chasers
    • The Partisan
    • Satire
  • SoonerPolitics.org