Low Income Tax Collections Reduces OK Revenue for Sept
The State Treasurer says revenue collections continue growing, but September’s numbers were down slightly mostly because of income and gross production receipts.
September Income Tax Revenue grew just 8% compared to 23% in August which meant overall collections were half of what was seen the previous month.
State Treasurer Ken Miller says this does shows the importance of income tax collections which make up nearly 40% of revenue.
“I know a lot of people like to campaign on eliminating the income tax, and I am also a proponent of doing that. But, you cannot do that unless you replace it with some other source of revenue. It’s too large a source of revenue.”
Gross Production collections saw an 11% increase in September down from 41% in August.
But, Miller says barring any global or US economic crisis the state should have more money certified for the next fiscal year budget.