Gross receipts to the state treasury continue to reflect the expansion of the Oklahoma economy, said Ken Miller, state treasurer. All major tax categories are healthy for the month and the fiscal year.
The June report reflects gross receipts for a 2014 total of $11.7 billion for a growth factor of $469 million or more than four percent compared to fiscal year 2013, Miller said at the state capitol.
“June receipts topped $1 billion, up by more than $64 million or 6.6 percent from 2013,” Miller said.
Oklahoma’s economy has recovered well since 2009 when the National Bureau of Economic Research declared an end to the Great Recession, Miller said.
Productivity is higher than before as well as state income and consumption. This shows consumers and businesses are confident in the Oklahoma economy, he continued.
“Collections have been higher than the same month in the prior year for 45 of the past 51 months, indicating a steady economic expansion.”
Sales tax collections are up 3.4 percent for the past 12 months and by 4.8 percent in June.
The combination of personal and corporate income tax receipts increased by a fraction of a percentage point for the past 12 months, but exceeded 6 percent growth in June.
“A reduction in corporate income tax payments moderated a stronger showing in personal income tax collections,” Miller said. The gross production tax of oil and natural gas surged by more than 20 percent during the year, which is quite remarkable, and is up by more than 15 percent in the month of June.”
Robust motor vehicle collections showed more than 16 percent increases for the year and almost 18 percent for June, Miller said.
State unemployment figures for May was set at 4.6 percent, compared to the national average of 6.3 percent.
“The metro area of Oklahoma City is 4.4 and the Tulsa area is 4.8,” Miller said.
The June Business Conditions Index for the state anticipates economic growth increasing to 66.6 from May’s 58.3, he continued.
email@example.com | 341-2121