“The body of evidence supporting economic recovery is growing.” Oklahoma Treasurer Ken Miller.
Oil and gas tax revenue once again led the way in the latest revenue report issued by the Oklahoma Treasurer. July Gross Receipts, said Ken Miller provided additional evidence of an expanding Oklahoma economy. Total collections topped the July 2016 report by nearly 9 percent.
Collections during each month of calendar 2017, with the exception of March, showed growth. July receipts totaled $926.9 million, an increase of $73.1 million or 8.6% compared to July of 2016.
“The body of evidence supporting economic recovery is growing,” said Miller in announcing the latest figures. “Gross receipts show ongoing expansion, as do employment reports and broader measurements, such as the latest state Gross Domestic Product release.”
Gross production taxes on oil and natural gas generated $41.9 million in July, an increase of $11.4 million or 37.4% from July of a year ago. Compared to June reports, gross production collections are up by $293,860 or 0.7%.
For the past 12 months, oil and gas gross production tax collections have totaled $454.1 million. That’s an increase of 27.5% or $98.1 million from the previous 12 months.
Total gross receipts for the state are $11 billion, down $2.8 million or 0.03%. Miller said growth in gross production collections is driving the shrinking margin.
A breakdown of other tax collections showed sales tax collections totaled $386.5 million for July, 8.7% more than a year ago. Personal income tax collections were up 5.1%, reaching $258.6 million. Gross income tax collections increased 6% to reach $273.3 million.