State Revenue Collections Up

Tuesday, April 10th 2007, 4:35 pm
By: News On 6

OKLAHOMA CITY (AP) -- State tax collections rebounded last month, exceeding both prior year collections and official estimates as the state moved beyond harsh winter weather that was blamed for sluggish tax collections in February.

State Treasurer Scott Meacham said preliminary reports indicate the state's general revenue fund collected $519.9 million last month. That was $65.5 million or 14.4% above collections in March 2006 and $106.2 million or 25.7% above the estimate.

For the first nine months of the fiscal year that began July 1, collections totaled $4.2 billion -- $237.9 million or 6% above the prior year and $210.5 million or 5.2% above the estimate.

"Oklahoma's economy appears to have recovered from the negative impact the ice and snow had on revenue collections," Meacham said. "Sales tax collections continue to outperform the prior year and estimate and, in March, income tax collections surpassed our expectations."

Income tax collections, including personal and corporate income taxes, produced $253.5 million in March, which was $81.4 million or 47.3% above the prior year and $114.5 million or 82.4% above the estimate.

Corporate income tax payments made the biggest difference, generating $131.4 million. Personal income taxes totaled $122.2 million for the month.

The state sales tax produced $122.8 million in March. The gross production tax on oil and natural gas yielded $63.7 million, and motor vehicle taxes produced $20.6 million.

The treasurer's investment of state funds produced $13.2 million in March. Other revenue, which includes investment earnings along with taxes on insurance, inheritance, alcoholic beverages and others, produced $59.2 million.