OKLAHOMA CITY – State revenue collections show Oklahoma’s economy continues to recover from the deepest recession since World War II, but growth is slow, State Treasurer Scott Meacham said today as he released reports for collections in November.
“We are in much better shape than this time last year when collections were falling for an 11th consecutive month and budgets were being slashed across-the-board,” Meacham said. “But we continue to see evidence the state’s economic recovery still has a ways to go.”
Preliminary reports show General Revenue Fund collections in November were $345.9 million. That amount is:
• $29.5 million or 9.3 percent above the prior year; but,
• $9.7 million or 2.7 percent below the estimate.
Fiscal year-to-date collections total $1.91 billion. That is $113.7 million or 6.3 percent
above the prior year and $49.3 million or 2.7 percent above the estimate.
Reports show collections in all but one of the four major tax categories exceeded prior year receipts in November.
“Income tax collections, after showing strength in October, dropped below the prior year and estimate during November primarily due to an increase in refunds and Quality Jobs payments,” Meacham said. “We see good news, however, in sales tax collections that continue to exceed the prior year and the estimate.”
Sales tax collections during the holiday shopping season are not yet reflected in the reports.
In November, net income taxes, a combination of personal and corporate income taxes, produced $132 million, which is $5.4 million or 3.9 percent below the prior year and $7.7 million or 5.5 percent below the estimate.
Personal income tax collections for the month are $131 million. That is $6.4 million or 4.6 percent below the prior year and $8 million or 5.7 percent below the estimate. Corporate income tax collections produced $1 million during the month. That is $0.2 million or 29.1 percent above the estimate. In November of last year, corporate income tax collections were recorded as zero.
The state sales tax produced $134.8 million for the month, which is $11.6 million or 9.5 percent above the prior year and $4.8 million or 3.7 percent above the estimate.
The gross production tax on natural gas yielded $20.1 million for the month, which is $9.8 million or 95.3 percent above the prior year but $4.9 million or 19.6 percent below the estimate.
Motor vehicle taxes produced $13.2 million in November, which is $1.6 million or 14 percent above the prior year and $1.6 million or 13.7 percent above the estimate.
Other revenue, including investment earnings along with taxes on insurance, alcoholic beverages and others produced $45.8 million for the month. This is $11.8 million or 34.7 percent above the prior year but $3.5 million or 7.1 percent below the estimate.