The Edmond Sun

Local News

June 3, 2014

Oil keeps spurring state economic growth

EDMOND — Gross receipts to the state treasury indicate continued economic growth for business, especially in the oil fields, State Treasurer Ken Miller said this week. Gross production tax collections in May jumped by almost 28 percent from prior year receipts, generating more than $80 million.

“Gross collections for the month of May are almost two percent ahead of the same month of last year, and receipts for the past 12 months are higher than those of the prior 12 months by more than 3 percent,” Miller said. “While we aren’t seeing the robust growth of the early recovery, we do see a picture of measured expansion ongoing for more than four years now.”

The cumulative 12-month total of $11.63 billion is now almost 25 percent larger than it was in February 2010, Miller said.

May collections show a decrease in personal income tax collections by almost 10 percent from the prior year, he said. However, state taxes withheld from workers’ paychecks are in line with previous months. The difference is found in estimated and final income tax payments, which can vary from month to month, Miller said.

Corporate income tax collections in May are up by more than half a million dollars or 6.6 percent from May 2013 collections, he said. Sales tax collections are up by almost $25 million or more than 7 percent in May.

Twelve-month collections figures show:

• Between June 2013 and May 2014, gross revenue totals $11.63 billion. That is $386.33 million or 3.4 percent higher than collections for the previous 12-month period.

• Gross income taxes generated $4.11 billion for the period, reflecting a decrease of $17.68 million or 0.4 percent from the prior 12 months.

• Personal income tax collections total $3.58 billion, up by $93.05 million or 2.7 percent from the June 2012 to May 2013 period. Corporate collections are $533.64 million for the period, a decrease of $110.73 million or 17.2 percent over the previous period.

• Sales taxes for the period generated $4.33 billion, an increase of $122.36 million or 2.9 percent from the prior 12-months.

• Oil and gas gross production tax collections brought in $849.64 million during the 12 months, up by $143.15 million or 20.3 percent from the previous period.

• Motor vehicle collections total $775.93 million for the period. This is an increase of $91.22 million or 13.3 percent from the trailing 12 months.

Other sources generated $1.56 billion, up $47.27 million, or 3.1 percent, from the previous 12 months.

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