State Revenue Up, Including Sales Taxes
Tuesday, September 12th 2006, 5:24 pm
By: News On 6
OKLAHOMA CITY (AP) -- Oklahoma's general revenue collections climbed again in August, with sales taxes yielding a big gain over a year ago.
Collections from gross production taxes on natural gas have played a significant role in the state's revenue boom. High gas prices allowed the Legislature this year to enact record tax cuts while also approving major increases in funding for education.
In the revenue report for August, natural gas tax collections were up $3.2-million over last year but were $6.8-million below the estimate upon which the state budget is based.
Sales taxes took up the slack. They produced more than $126-million for the General Revenue Fund, up about $10-million from the prior year.