Some state economic leaders are already celebrating legislative changes they credit for more than $24 million in new revenue in December.
State Treasurer Ken Miller said the additional revenue came primarily from changes in sales tax exemptions and gross production incentive tax rates.
At the same time, gross production taxes on oil and natural gas generated $56.2 million in December which was an increase of $16.8 million or 42.7 percent over December 2016. Compared to November reports, the gross production collections are up $3.4 million or 6.5 percent.
Gross receipts to the Treasury surged 12 percent overall in December as Miller said they grew at a healthy rate of 6.2 percent in the 2017 calendar year.
At $1 billion, December collections are up by $107.9 million compared to receipts from December 2016. During the last year, gross receipts topped the $11 billion mark, finishing at $11.45 billion ahead of 2016 collections by $667.6 million.
“What a difference a year can make,” Miller said. “At this time last year, calendar year gross receipts were down by more than 7 percent with every major revenue stream showing contraction. This year, we show across-the-board growth with an encouraging trend line.”
Monthly receipts during the calendar year were higher than the same month of the prior year in all but one month. The rate of increase has generally trended higher with each passing month.
In December, growth rates in the major revenue streams ranged from 42.7 percent in gross production taxes to 5.1 percent in motor vehicle tax collections. For the calendar year, growth ranged from 53.4 percent in gross production taxes to 2.6 percent in combined individual and corporate income tax receipts.
The new revenue accounts for 22.4 percent of the growth in December collections compared to the prior year. Since August, law changes from last session have yielded $114.8 million in new gross revenue.
Gross income tax collections, a combination of personal and corporate income taxes, generated $351.2 million, an increase of $32.2 million, or 10.1 percent, from the previous December.
Individual income tax collections for the month are $296.5 million, up by $27.8 million, or 10.4 percent, from the prior year. Corporate collections are $54.7 million, an increase of $4.4 million, or 8.7 percent.
Sales tax collections, including remittances on behalf of cities and counties, total $403.5 million in December. That is $40.1 million, or 11 percent, more than December 2016.
Oil and gas gross production tax collections brought in $537.2 million during the year, up by $187 million, or 53.4 percent, from the previous year.
Motor vehicle collections total $764.9 million for the period. This is an increase of $23 million, or 3.1 percent, from the trailing period.
Other sources generated $1.7 billion, up by $120.2 million, or 7.7 percent, from the previous year.