May Tax collections were a record in Oklahoma

Tax collections for the month of May in Oklahoma were a record $970.9 million according to State Treasurer Ken Miller.  He said it brought the total gross receipts in the past 12 months to $12.09 billion, a figure that is only $14 million from matching the all-time 12 month high.

Oil and gas gross production tax collections totaled $74.1 million for May which was an increase of $35.3 million or 91 percent from May 2017. The May collections were also up $13.4 million from April—a 22.1 percent increase.

For the past year, oil and gas production tax collections raised $673.5 million, up $246.9 million or 57.9 percent from the previous year.

May’s motor vehicle taxes produced $69.7 million, an increase of $4.5 million or 6.8 percent from May 2017.

The tax commission attributes $33.8 million in May 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.

Naturally, the increases are considered good news according to Miller.

“As has been the case each month for more than a year, Oklahoma’s economy is showing signs of ongoing expansion,” Miller said. “In just the past 14 months, since 12-month collections last bottomed out, gross receipts have grown by more than $1.3 billion, an increase of more than 12 percent.”

The record high for 12-month collections was set in February 2015 at $12.103 billion. At the end of May, 12-month collections were set at $12.09 billion, below the record by $13.7 million, or 0.11 percent.

May’s gross total, at $970.9 million, exceeds all previous May totals since the treasurer’s office began tracking gross receipts.

The tax commission attributes $33.8 million in May 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 3.5 percent of May gross receipts. Out of $10.2 billion in gross collections since last August, $274.7 million, or 2.7 percent, has resulted from last year’s law changes.

Tax increases signed into law in late March of this year have not yet taken effect and therefore have no impact on current collections.

May collections

May gross collections total $970.9 million, up $116 million, or 13.6 percent, from May 2017.

Gross income tax collections, a combination of individual and corporate income taxes, generated $281.8 million, an increase of $13.7 million, or 5.1 percent, from the previous May.

Individual income tax collections for the month are $255.9 million, up by $18.1 million, or 7.6 percent, from the prior year. Corporate collections are $25.9 million, a decrease of $4.5 million, or 14.7 percent.

Sales tax collections, including remittances on behalf of cities and counties, total $391.1 million in May. That is $42.6 million, or 12.2 percent, more than May 2017.

Twelve month collections

Gross revenue totals $12.09 billion from the past 12 months. That is $1.2 billion, or 11.2 percent, more than collections from the previous 12 months.

Gross income taxes generated $4.2 billion for the period, reflecting an increase of $335 million, or 8.6 percent, from the prior 12 months.

Individual income tax collections total $3.8 billion, up by $274.5 million, or 7.8 percent, from the prior 12 months. Corporate collections are $459.9 million for the period, an increase of $60.5 million, or 15.1 percent, over the previous period.

Sales taxes for the 12 months generated $4.6 billion, an increase of $439.2million, or 10.5 percent, from the prior period.

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