OKLAHOMA CITY (AP) -- Preliminary calculations show Oklahomans will get rebate checks by the year's end of about $45 per person, the Office of State Finance said Monday. Couples filing joint returns will receive about $90.
Scott Meacham, state treasurer, said his best guess is that the rebate checks will get cut in November.
"This will be a nice shot in the arm for Oklahomans. Each taxpayer will get a rebate check to spend any way he or she chooses," said Gov. Brad Henry, who proposed the rebate program, which was incorporated in a bill that also reduced the income tax and other taxes.
Meacham said the good news from preliminary calculations of tax collections for the fiscal year that ended June 30 is that the economy appears still on the upswing.
Collections for the state's General Revenue Fund for the period totaled more than $4.9 million, 7.8 above the prior year.
Surplus revenues to be used for rebates and a research and economic development fund totaled $188.3 million, lower than the $200 million originally projected by state finance officials but higher than the $130 million estimated by House fiscal staff.
Meacham said $243.8 million will be deposited into the constitutional Rainy Day Fund, the first time the fund has reached its maximum.