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Oklahoma tax collections rise to $1 billion in August

Oklahoma tax collections rise to $1 billion in August

The Journal Record
By: Journal Record Staff
September 6, 20190

OKLAHOMA CITY (JR) – August gross receipts to the treasury increased $31.7 million, or 3.2%, to $1 billion from August 2018.

Receipts were curtailed by a slowing of oil and gas tax receipts and a slight drop in income tax collections, state Treasurer Randy McDaniel said.

Gross collections from the past 12 months totaled $13.7 billion, up $1.3 billion, or 10.8%, from $12.4 billion for the prior 12 months.

“Oklahoma’s economy is still expanding,” McDaniel said. “While we continue to see economic growth, it’s not as robust as in previous months.”

The growth rate in total August gross receipts is the lowest in more than two years and is driven by reduced collections from oil and gas production. In the past year, crude oil prices have fallen by almost 20% and rig counts are off by more than 40%... FULL ARTICLE

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