Oklahoma Economy Still Growing
Tuesday, October 9th 2007, 3:11 pm
By: News On 6
OKLAHOMA CITY (AP) -- A report shows Oklahoma's economy continued to grow in the first quarter of the fiscal year.
A report released Tuesday shows that quarterly tax receipts were up $30 million, or 2.1%, over a year ago.
The growth was attributed mostly to the natural gas tax and the sales tax.
State Treasurer Scott Meacham said income taxes are the only major category that is down from last year. Meacham attributed that decline to tax cuts.
Income taxes were down $35 million, or 10.4%, for the quarter.
Sales taxes were up $42.1 million, or 11%, but most of that is due to an unusual $26.2 million one-time payment from a company that sold a large amount of assets. Also, another company made a $6 million payment, when only $600,000 was due.
The gross production tax on natural gas was up $46.1 million, or 35.1% from a year ago.