OKLAHOMA STATE TREASURER
For Immediate Release: April 3, 2013
Oklahoma Gross Revenue Up in March
OKLAHOMA CITY – Oklahoma’s revenue growth returned in March after seesawing
within a pretty tight range for the past year, State Treasurer Ken Miller said today as he released
the March gross receipts to the treasury report.
Miller said notable positives this month include gross production and corporate income
After falling far below prior year collections each month for more than a year, gross
production collections this month were almost $67 million, near where they were during March
of last year.
“The natural gas market has stabilized somewhat and prices have risen by about 30
percent from their low,” Miller said. “We are seeing those improved market conditions reflected
in our collections.”
Gross income tax collections showed growth of more than 7 percent during the month,
with strong corporate collections. The tax commission recorded a 6 percent hike in the number of
corporations filing estimated payments in March and corporate tax collections jumped by almost
32 percent from the prior year.
Total collections for the month were $944.6 million, up by $24 million or 2.6 percent
from March of last year. Three of the four major tax categories were lower than the prior month
with the biggest drop among the major sources of revenue coming from motor vehicle taxes,
which fell by more than 11 percent.
Sales tax receipts produced slightly less revenue than during March of last year, down by
$5.3 million or 1.6 percent.
“The bottom line indicates Oklahoma’s economy is continuing to expand, but moderation
continues,” Miller said.
“With less purchasing of motor vehicles and slightly lower consumer spending as
measured by sales tax collections, it could be that we are beginning to see the psychological
impact of Washington’s inability to reach consensus on getting government spending under
control in a strategic way,” he said.