Finance Official: Oklahoma Revenue Collections Rise
OKLAHOMA CITY (AP) — The Office of State Finance reports revenue collections for the first month of the 2013 fiscal year were up $6.4 million over last year and about $20 million above the official estimate.
Finance Secretary Preston Doerflinger said Tuesday July collections totaled $389.1 million.
Three of the state's major revenue sources reported increases. Individual and corporate income tax collections of $160.9 million were $27.6 million more than July 2011's collections and $39.1 million above the estimate. Sales tax collections were $164.5 million — $13.8 million above last year's collections and the estimate.
Motor vehicle taxes brought in $17.2 million — $2.7 million above last year and about $500,000 more than the estimate.
The gross production tax on natural gas and oil was distributed by law to specified funds, primarily education.
Copyright 2012 The Associated Press.