August Gross Receipts to the Treasury Show Double-Digit Growth
Charts and graphs
OKLAHOMA CITY – Oklahoma’s Gross Receipts to the Treasury
in August, which provide a broad overview of state economic activity, show
double-digit expansion over the past 12 months, State Treasurer Ken Miller
announced today.
August
gross receipts of $995.1 million are up by 13.1 percent from August of last
year, and gross receipts over the past 12 months, at $12.4 billon, are 11.9
percent more than the prior 12 months. Both totals are record highs.
“Clearly,
Oklahoma is doing much more than ‘fine’ with gross receipts expanding at a
double-digit pace, even when recent state tax increases are taken out,” Miller
said.
Tax
hikes enacted last legislative session took effect July 1 and were reported for
the first time in August.
The $1
per pack increase in cigarette taxes produced $8.3 million, the three-cent per
gallon hike in gasoline taxes generated $5.1 million, and the six-cent per
gallon rise in diesel fuel tax brought in $4.9 million during the month.
When
the $18.3 million in new tax revenue is excluded from the monthly growth
calculation, August gross receipts are shown as increasing by 11 percent
compared to August 2017.
The
increase from three to five percent on gross production taxes on new oil and
gas wells has yet to generate additional revenue.
All
major revenue streams – individual and corporate income, sales, gross
production, and motor vehicle taxes – show increases in both the monthly and
12-month reports ranging from 1.3 percent in motor vehicle collections to 64.3
percent in gross production taxes.
Other
indicators
The Oklahoma
Business Conditions Index has topped growth neutral for 13 consecutive months.
The August index decreased slightly to 60.4, from 60.6 in July. Numbers above
50 indicate anticipated economic growth during the next three to six months.
Oklahoma’s
seasonally adjusted unemployment rate of 3.8 percent in July is down by
one-tenth of a percentage point from June. The U.S. jobless rate of 3.9 percent
also reflects a decrease of the same amount from the prior month, according to
figures released by the Oklahoma Employment Security Commission.
August
collections
August gross
collections total $995.1 million, up $115.4 million, or 13.1 percent, from August
2017.
Gross income
tax collections, a combination of individual and corporate income taxes,
generated $277.3 million, an increase of $23.8 million, or 9.4 percent, from
the previous August.
Individual
income tax collections for the month are $268.3 million, up by $21.5 million,
or 8.7 percent, from the prior year. Corporate collections are $9.1 million, an
increase of $2.2 million, or 32.7 percent.
Sales
tax collections, including remittances on behalf of cities and counties, total
$406.9 million in August. That is $26 million, or 6.8 percent, more than August
2017.
Gross
production taxes on oil and natural gas generated $71.9 million in August, an
increase of $28.1 million, or 64.3 percent, from last August. Compared to July reports,
gross production collections are up by $3.1 million, or 4.6 percent.
Motor
vehicle taxes produced $68.9 million, up by $916,000, or 1.3 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 $170.1 million
during the month. That is $36.6 million, or 27.4 percent, more than last August.
Twelve
month collections
Gross
revenue totals $12.4 billion from the past 12 months. That is $1.3 billion, or 11.9
percent, more than collections from the previous 12 months.
Gross income
taxes generated $4.3 billion for the period, reflecting an increase of $371
million, or 9.4 percent, from the prior 12 months.
Individual
income tax collections total $3.8 billion, up by $294.8 million, or 8.3 percent,
from the prior 12 months. Corporate collections are $475.2 million for the
period, an increase of $76.2 million, or 19.1 percent, over the previous period.
Sales
taxes for the 12 months generated $4.7 billion, an increase of $465.7 million,
or 10.9 percent, from the prior period.
Oil and
gas gross production tax collections brought in $754.9 million during the 12 months,
up by $288.9 million, or 62 percent, from the previous period.
Motor
vehicle collections total $774.6 million for the period. This is an increase of
$14.2 million, or 1.9 percent, from the trailing period.
Other
sources generated $1.8 billion, up by $174.7 million, or 10.7 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
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