Due to a substantial increase in oil and gas gross production taxes in August, monthly revenue collections were pushed into positive territory compared to August of last year, State Treasurer Ken Miller announced today as he released the monthly gross receipts to the treasury report.
After spending most of a year in negative territory, gross production tax collections have exceeded prior month collections for four consecutive months. In August, gross production receipts exceed the prior year’s numbers by more than 40 percent, Miller said.
Twelve-month collections continue to climb, up more than 3 percent from the prior 12 months. That number now stands at more than $11.31 billion, growing by $16.5 million from the previous record set last month. Last month’s 12-month collections broke a record that had stood for 55 months.
“Oklahoma’s economy, powered by the energy industry, continued to grow in August,” Miller said. “At the same time, sales tax collections also climbed, but at a more modest pace than we’ve seen on average in the past year.”
Miller said gross production collections have rebounded primarily due to the improved price environment compared to a year ago, when prices were near record lows. Reports show that as prices have risen, so have production volume and total collections.
During August, income tax collections dipped below prior year collections by 3.4 percent. However, income tax collections showed a large increase during July, topping prior year collections that month by almost 10 percent.