For Immediate Release: December 14, 2010
VIEW REVENUE COMPARISON CHARTS
State Revenue in November Climbs above Prior Year but Misses Estimate
OKLAHOMA CITY – State revenue collections show Oklahoma’s economy continues
to recover from the deepest recession since World War II, but growth is slow, State Treasurer
Scott Meacham said today as he released reports for collections in November.
“We are in much better shape than this time last year when collections were falling for an
11th consecutive month and budgets were being slashed across-the-board,” Meacham said. “But
we continue to see evidence the state’s economic recovery still has a ways to go.”
Preliminary reports show General Revenue Fund collections in November were $345.9
million. That amount is:
• $29.5 million or 9.3 percent above the prior year; but,
• $9.7 million or 2.7 percent below the estimate.
Fiscal year-to-date collections total $1.91 billion. That is $113.7 million or 6.3 percent
above the prior year and $49.3 million or 2.7 percent above the estimate.
Reports show collections in all but one of the four major tax categories exceeded prior
year receipts in November.
“Income tax collections, after showing strength in October, dropped below the prior year
and estimate during November primarily due to an increase in refunds and Quality Jobs
payments,” Meacham said. “We see good news, however, in sales tax collections that continue to
exceed the prior year and the estimate.”
Sales tax collections during the holiday shopping season are not yet reflected in the
reports.
In November, net income taxes, a combination of personal and corporate income taxes,
produced $132 million, which is $5.4 million or 3.9 percent below the prior year and $7.7
million or 5.5 percent below the estimate.
Personal income tax collections for the month are $131 million. That is $6.4 million or
4.6 percent below the prior year and $8 million or 5.7 percent below the estimate. Corporate
income tax collections produced $1 million during the month. That is $0.2 million or 29.1
percent above the estimate. In November of last year, corporate income tax collections were
recorded as zero.
The state sales tax produced $134.8 million for the month, which is $11.6 million or 9.5
percent above the prior year and $4.8 million or 3.7 percent above the estimate.
The gross production tax on natural gas yielded $20.1 million for the month, which is
$9.8 million or 95.3 percent above the prior year but $4.9 million or 19.6 percent below the
estimate.
Motor vehicle taxes produced $13.2 million in November, which is $1.6 million or 14
percent above the prior year and $1.6 million or 13.7 percent above the estimate.
Other revenue, including investment earnings along with taxes on insurance, alcoholic
beverages and others produced $45.8 million for the month. This is $11.8 million or 34.7 percent
above the prior year but $3.5 million or 7.1 percent below the estimate.
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For more information contact:
Tim Allen, Deputy Treasurer for Policy and Administration, (405) 522-4212
Posted on
Tue, December 14, 2010
by Crystal Drwenski