Energy Taxes Boosts August Revenue
The State Treasurer says Oklahoma revenue ended in positive territory for the month of August mostly because of energy collections.
Other collection categories didn’t fare so well.
While oil and gas production revenue increased by 41% over August of 2012, income and motor vehicle taxes fell and sales taxes increased by less than 2%.
State Treasurer Ken Miller says an increase in gas prices can eventually impact sales taxes as Oklahomans have less disposable income.
“It’s obviously a concern. I think at this price point it’s probably not because we’ve become use to this price point. Once it reaches the $4 mark consistently then we get concerned.”
AAA reports the average price of gasoline statewide rose 14 cents over the past three weeks to $3.54 a gallon.
Miller says tax collections over the past 12 months broke a new record at more than $11 billion.