February Gross Receipts to the Oklahoma State Treasury give room for more optimism about the state’s improving economy according to Treasurer Ken Miller.
“The trend line shows increasing growth in Oklahoma gross collections. together with other economic indicators, it appears the state’s economy is gaining momentum,” said Miller in releasing the February figures.
For the month, receipts were up 15.5 percent from a year ago and totaled $877.3 million or an increase of $117.8 million from February 2017. But decreases were seen in corporate income and motor vehicle tax collections.
Gross production taxes on oil and gas generated $66.8 million, an increase of $28.9 million or 76.1 percent from a year earlier. Compared to January, the gross production collections were up 9.8 percent or $6 million.
Oil and gas gross production collections for the year totaled $593.8 million, an increase of $226.5 million or 61.7 percent compared to 2016 collections.
Motor vehicle taxes for February were down one-half of a percent and totaled $53.2 million compared to February of 2017. For the year, the motor vehicle taxes totaled $759.4 million, a $19.4 million or 2.6 percent increase.
Treasurer Miller attributes $31.7 million in February to new revenue resulting from legislation created in 2017. He said the additional revenue comes primarily from changes in sales tax exemptions and gross production incentives.
Gross income tax collections, a combination of individual and corporate income taxes generated $273.7 million, an increase of 15 percent or $35.7 million from February 2017.
Sales tax collections including remittances for cities and counties were up 12.1 percent. The collections totaled $363.1 million.
