State Tax Collections Up
Tuesday, February 13th 2007, 2:12 pm
By: News On 6
OKLAHOMA CITY (AP) -- Tax collections in Oklahoma were up in January even though three of the four major tax categories failed to meet expectations.
State Treasurer Scott Meacham says the overall increase shows the state's economy is still expanding.
Meacham says the state collected about $577 million in taxes in January which is 1.5 percent more than last year and nearly 1 percent higher than the official projection.
The increase comes despite sales taxes, motor vehicle taxes and gross production taxes on natural gas each falling below expectations.
Meacham says the drop in gross production taxes was expected because of a drop in energy prices and the decline in sales taxes is likely due to the ice storm in January. And Meacham says income taxes were more than expected and show the state's economy is still expanding.
Total revenue collections for the current fiscal year are 5.7percent higher than last year and 3.4 percent higher than the official estimate.