April Gross Receipts to the Treasury Grow by Double Digits
Charts and graphs
OKLAHOMA CITY – April Gross Receipts to the Treasury are
up by more than 15 percent compared to the same month of the prior year as monthly
gross collections have consistently shown growth for 13 months, State Treasurer
Ken Miller announced today.
Receipts
in all revenue major streams show increases ranging from more than 47 percent
in gross production taxes to 1 percent in motor vehicle tax collections.
“This
month’s gross receipts report again reflects a well performing economy,” said
Miller. “Employment and consumption are continuing to rise as the energy sector
is hitting stride.”
The
April report, at $1.4 billion, is one of the largest of the year due to the
income tax filing deadline. Individual and corporate income tax collections
account for more than 50 percent of total receipts for the month.
Collections
from the past 12 months compared to the previous period also show growth in all
major revenue streams. Total 12-month collections, at $11.97 billion, are up by
$1.18 billion, or 10.9 percent.
New
revenue collections
The tax
commission attributes $34.6 million in April to new revenue resulting from
legislation enacted during 2017. The additional revenue comes primarily from
changes in sales tax exemptions and gross production tax incentives.
The new
revenue accounts for 2.5 percent of April gross receipts. Out of $9.2 billion
in gross collections since last August, $240.8 million, or 2.6 percent, has
resulted from last year’s law changes.
Tax
increases enacted in late March of this year have not yet taken effect and
therefore have no impact on current collections.
Other
indicators
The Oklahoma
Business Conditions Index has topped growth neutral for nine consecutive months.
The April index was set at 62.7, up from 62.4 in March. Numbers above 50
indicate anticipated economic growth during the next three to six months.
At 4 percent,
Oklahoma’s seasonally adjusted unemployment rate in March notched down by
one-tenth of a percentage point from February and was one-half of a percentage
point less than in March 2017, according to figures released by the Oklahoma
Employment Security Commission. It marks the first time since September that
Oklahoma’s jobless rate has been less than the U.S. rate, which remained at 4.1
percent in March.
April
collections
April gross
collections total $1.4 billion, up $187 million, or 15.4 percent, from April 2017.
Gross income
tax collections, a combination of individual and corporate income taxes,
generated $709.1 million, an increase of $106.7 million, or 17.7 percent, from
the previous April.
Individual
income tax collections for the month are $586.6 million, up by $57.6 million,
or 10.9 percent, from the prior year. Corporate collections are $122.6 million,
an increase of $49.15 million, or 66.8 percent.
Sales
tax collections, including remittances on behalf of cities and counties, total
$410.6 million in April. That is $43.7 million, or 11.9 percent, more than April
2017.
Gross
production taxes on oil and natural gas generated $60.7 million in April, an
increase of $19.5 million, or 47.4 percent, from last April. Compared to March reports,
gross production collections are down by $12.1 million, or 16.7 percent.
Motor
vehicle taxes produced $62.8 million, up by $627,510, or 1 percent, from the same
month of 2017.
Other
collections, consisting of about 60 different sources including use taxes,
along with taxes on fuel, tobacco, and alcoholic beverages, produced $160.4 million
during the month. That is $16.5 million, or 11.5 percent, more than last April.
Twelve
month collections
Gross
revenue totals $11.97 billion from the past 12 months. That is $1.18 billion,
or 10.9 percent, more than collections from the previous 12 months.
Gross income
taxes generated $4.2 billion for the period, reflecting an increase of $342.6
million, or 8.8 percent, from the prior 12 months.
Individual
income tax collections total $3.8 billion, up by $257 million, or 7.3 percent,
from the prior 12 months. Corporate collections are $464.4 million for the
period, an increase of $85.5 million, or 22.6 percent, over the previous period.
Sales
taxes for the 12 months generated $4.6 billion, an increase of $409.6 million,
or 9.8 percent, from the prior period.
Oil and
gas gross production tax collections brought in $638.2 million during the 12
months, up by $226.3 million, or 55 percent, from the previous period.
Motor
vehicle collections total $766 million for the period. This is an increase of $22.4
million, or 3 percent, from the trailing period.
Other
sources generated $1.7 billion, up by $174.6 million, or 11.1 percent, from the
previous year.
About Gross Receipts to the
Treasury
The Office of the
State Treasurer has issued the monthly Gross Receipts to the Treasury report
since March 2011 to provide a timely and broad view of the state’s macro
economy.
It is released in
conjunction with the General Revenue Fund allocation report from the Office of
Management and Enterprise Services, which provides important information to
state agencies for budgetary planning purposes.
The General
Revenue Fund receives less than half of the state’s gross receipts with the
remainder paid in rebates and refunds, remitted to cities and counties, and
placed into off-the-top earmarks to other state funds.
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For
more information contact: Tim Allen, Deputy Treasurer for
Communications & Program Administration (405) 522-4212
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