May Gross Receipts to the Treasury
Reach Record High
Charts and graphs
OKLAHOMA CITY – At $970.9 million, May Gross Receipts to
the Treasury are a record high for May collections, State Treasurer Ken Miller
announced today. In addition, total gross receipts during the past 12 months,
at $12.09 billion, are within $14 million of matching the all-time 12-month
high.
Miller
said the May report on gross receipts, which provides a broad reflection of
state economic activity, is good news for Oklahoma.
“As has
been the case each month for more than a year, Oklahoma’s economy is showing
signs of ongoing expansion, Miller said. “In just the past 14 months, since
12-month collections last bottomed out, gross receipts have grown by more than
$1.3 billion, an increase of more than 12 percent.”
The
record high for 12-month collections was set in February 2015 at $12.103
billion. At the end of May, 12-month collections were set at $12.09 billion, below
the record by $13.7 million, or 0.11 percent.
May’s
gross total, at $970.9 million, exceeds all previous May totals since the
treasurer’s office began tracking gross receipts.
The
monthly and 12-month reports show growth in all major revenue streams.
New
revenue collections
The tax
commission attributes $33.8 million in May 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 3.5 percent of May gross receipts. Out of $10.2 billion in
gross collections since last August, $274.7 million, or 2.7 percent, has
resulted from last year’s law changes.
Tax
increases signed into law 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 10 consecutive months.
The May index rose to 68.5, from 62.7 in April. Numbers above 50 indicate
anticipated economic growth during the next three to six months.
At 4 percent,
Oklahoma’s seasonally adjusted unemployment rate held steady in April, while
the U.S. jobless rate dropped by two-tenths of a percentage point from April to
3.9 percent. It marks the third time since October 1990 that Oklahoma’s jobless
rate has been higher than the U.S. rate. The last time U.S. unemployment was as
low was September 2000.
May
collections
May gross
collections total $970.9 million, up $116 million, or 13.6 percent, from May 2017.
Gross income
tax collections, a combination of individual and corporate income taxes,
generated $281.8 million, an increase of $13.7 million, or 5.1 percent, from
the previous May.
Individual
income tax collections for the month are $255.9 million, up by $18.1 million,
or 7.6 percent, from the prior year. Corporate collections are $25.9 million, a
decrease of $4.5 million, or 14.7 percent.
Sales
tax collections, including remittances on behalf of cities and counties, total
$391.1 million in May. That is $42.6 million, or 12.2 percent, more than May
2017.
Gross
production taxes on oil and natural gas generated $74.1 million in May, an
increase of $35.3 million, or 91 percent, from last May. Compared to April reports,
gross production collections are up by $13.4 million, or 22.1 percent.
Motor
vehicle taxes produced $69.7 million, up by $4.5 million, or 6.8 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 $154.2 million
during the month. That is $20 million, or 14.9 percent, more than last May.
Twelve
month collections
Gross
revenue totals $12.09 billion from the past 12 months. That is $1.2 billion, or
11.2 percent, more than collections from the previous 12 months.
Gross income
taxes generated $4.2 billion for the period, reflecting an increase of $335
million, or 8.6 percent, from the prior 12 months.
Individual
income tax collections total $3.8 billion, up by $274.5 million, or 7.8 percent,
from the prior 12 months. Corporate collections are $459.9 million for the
period, an increase of $60.5 million, or 15.1 percent, over the previous period.
Sales
taxes for the 12 months generated $4.6 billion, an increase of $439.2million,
or 10.5 percent, from the prior period.
Oil and
gas gross production tax collections brought in $673.5 million during the 12
months, up by $246.9 million, or 57.9 percent, from the previous period.
Motor
vehicle collections total $770.5 million for the period. This is an increase of
$20.4 million, or 2.7 percent, from the trailing period.
Other
sources generated $1.8 billion, up by $177.7 million, or 11.2 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.
# # #
For
more information contact:
Tim Allen, Deputy Treasurer for
Communications & Program Administration
(405) 522-4212
|
