Revenue Receipts Hit All-Time High
The State of Oklahoma experienced a record year in tax collections including a strong finish in July.
The increases came despite cuts in income taxes.
State Treasurer Ken Miller says gross receipts over the past 12 months totaled more than $11 billion which runs about $12.5 million more than the previous record set in December of 2008.
Miller says this large increase happened despite a cut in the top personal income tax rate in January from 5.5% to 5.25%.
“I guess you’ll have people on both sides of that issue. Some will say you would get there sooner if not for and others would say because of. So it just depends on who you talk to I guess.”
It took more than four and a half years, but Miller says Oklahoma has regained and moved past the ground it lost during the Great Recession.
July collections ended 8% above the same month last year with increases in all categories including a nearly 20% jump in oil and gas revenue.