Good News For The State's Revenue Collection

Wednesday, January 14th 2009, 8:27 am
By: News On 6

Associated Press

OKLAHOMA CITY (AP) -- Tax revenue collections were strong again in Oklahoma last month.

According to a report by state Treasurer Scott Meacham, sales taxes increased 3.6 percent in December over the same month a year ago and gross production taxes on oil and gas were up 75 percent.

Meacham says he's surprised at the strong showing because it reflected Christmas sales through December 15.

The report says total revenue collections for the month were up $38 million, or 7 percent, from a year ago. They were $56 million, or 11 percent, above the revenue estimate upon which the current state budget was built.

Read Scott Meacham's news release

The revenue report wasn't all rosy, however.

Meacham said personal income tax collections declined by nearly 6 percent from the previous year. He attributed it to an increasing unemployment rate and a tightening of the belt by state companies.

Motor vehicle taxes also were down 25 percent from a year ago, reflecting weak sales of cars and trucks.