Weather Blamed For Lower Tax Collections
Wednesday, March 14th 2007, 6:29 am
By: News On 6
OKLAHOMA CITY (AP) - State tax collections dip in February and officials blame it partly on the weather.
Preliminary reports show General Fund collections totaled $304.8 million, which was 3% lower than a year ago and 1.9% below the official state estimate.
State Treasurer Scott Meacham says there are four factors that account for the reduction.
He says withholding by Oklahoma's large retailers was off substantially because of bad weather and closed stores in mid-to-late January.
Meacham also says the state Tax Commission estimates the income tax cut approved last year reduced collections by $17.9 million for the month.
He says other factors are that the federal government remitted $2 million less in payroll taxes and that February was the first month energy company Kerr-McGee was no longer paying withholding taxes in Oklahoma.