Oklahoma Treasurer Ken Miller released August gross receipts showing there was double-digit expansion in the past year.
August receipts totaled $995.1 million, an increase of 13.1% from August 2017. Gross receipts in the past year totaled $12.4 billion, which was a 11.9 percent increase. Both totals are record highs.
As for the gross production taxes on oil and natural gas, they generated $71.9 million for August, an increase of $28.1 million or 64.3 percent from a year earlier. Compared to July, the gross production collections for August were up $3.1 million or 4.6%.
As for the recently approved increase from three to five percent on gross production taxes on new oil and gas wells has yet to generate additional revenue.
“Clearly, Oklahoma is doing much more than ‘fine’ with gross receipts expanding at a double-digit pace, even when recent state tax increases are taken out,” Miller said.
Tax hikes enacted last legislative session took effect July 1 and were reported for the first time in August.
The $1 per pack increase in cigarette taxes produced $8.3 million, the three-cent per gallon hike in gasoline taxes generated $5.1 million, and the six-cent per gallon rise in diesel fuel tax brought in $4.9 million during the month.
When the $18.3 million in new tax revenue is excluded from the monthly growth calculation, August gross receipts are shown as increasing by 11 percent compared to August 2017.
All major revenue streams – individual and corporate income, sales, gross production, and motor vehicle taxes – show increases in both the monthly and 12-month reports ranging from 1.3 percent in motor vehicle collections to 64.3 percent in gross production taxes.
Gross income tax collections, a combination of individual and corporate income taxes, generated $277.3 million, an increase of $23.8 million, or 9.4 percent, from the previous August.
Individual income tax collections for the month are $268.3 million, up by $21.5 million, or 8.7 percent, from the prior year. Corporate collections are $9.1 million, an increase of $2.2 million, or 32.7 percent.
Sales tax collections, including remittances on behalf of cities and counties, total $406.9 million in August. That is $26 million, or 6.8 percent, more than August 2017.
Motor vehicle taxes produced $68.9 million, up by $916,000, or 1.3 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 $170.1 million during the month. That is $36.6 million, or 27.4 percent, more than last August.