The Joplin Globe, Joplin, MO

August 2, 2012

Oklahoma income, sales taxes push July revenue up


From The Associated Press

OKLAHOMA CITY — Oklahoma’s state treasurer says revenue collections were up last month, thanks to increases in income and sales tax receipts.

Treasurer Ken Miller said Thursday total revenue collections by the state in July were aided by a double-digit jump in income tax collections. But Miller says overall collections were hampered by declines in revenue from oil and gas production.

Miller says revenue collections increased more than 1 percent from collections in July 2011. Average revenue growth over the past year is more than 7 percent, including an almost 11 percent increase in income tax collections and almost 9 percent growth in sales tax collections.

Miller says revenue from oil and gas production was down last month more than 43 percent, the eighth consecutive monthly decline in gross production tax collections.