State tax collections continue to climb.
For a third consecutive month, 12-month collections reached a new high, State Treasurer Ken Miller announced today as he released the September gross receipts to the treasury report.
Twelve-month collections at the end of September topped $11.33 billion, up by almost $20 million from August’s total. Until July of this year, the 12-month record high had stood since December 2008 – four years and seven months. The latest twelve-month gross receipts rolling average stands at 3 percent for the period.
“As measured by state revenue collections, Oklahoma’s economy continues its climb up the expansion side of the business cycle,” said Miller.
Collections on the production of oil and natural gas were the most improved component of the monthly report, up by more than 31 percent over September of last year.
“The turnaround in gross production tax collections – up over the prior year for the fifth month in a row – is most encouraging,” he said. “After 17 months of falling gross production numbers, it’s good to see the positive trend and the effects it has on our state and businesses.”
Personal income and sales tax collections are also higher than the prior year. Only corporate income and motor vehicle taxes were lower than a year earlier.
Miller pointed out that the record high numbers take into account a quarter-point cut in the personal income tax rate.