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A slip in gross production tax collections in June didn’t completely derail an otherwise healthy fiscal year 2012, says State Treasurer Ken Miller in a July 5 gross receipts report.
Collections in June fell into negative territory compared to the same month last year due to a 42-percent drop in gross production collections. Miller attributed the drop to a decline in revenue from oil and gas production. The portion of total monthly collections coming from oil and natural gas production has dropped from 10.3 percent of June 2011 receipts to 5.9 percent in June 2012.
“Reductions in gross production and personal income tax collections combine to set our monthly number back, but other economic indicators, such as sales receipts, low unemployment and solid corporate profits, point to continued expansion,” Miller said.
But he was still optimistic in looking at increases in other areas. In June, sales tax collections were up 12.5 percent over last year.
“While the current price environment affecting Oklahoma’s energy industry is less than optimal, there are many reasons to remain optimistic about the state economy,” he said.
In May, the state’s unemployment was at 4.8 percent, several points lower than the 8.2 percent national rate. In the state, more than 1.7 million people have jobs.
For the fiscal year overall, gross revenue totals were $10.99 billion, a 7.7-percent increase over collections in FY 2011. Gross income taxes generated $3.86 billion for the fiscal year while personal income tax collections totaled $3.31 billion – both increase over last year.
Sales taxes for the period generated $4.04 billion, while oil and gas gross production tax collections brought in $896.68 million, down by $81.48 million, or 8.3 percent from the previous period.
Motor vehicle collections total $690.41 million for the period, and other sources generated $1.51 billion, up $127.36 million, or 9.2 percent from the previous 12 month period, Miller reported.