OKLAHOMA STATE TREASURER
For Immediate Release: October 1, 2012
Thanks to Strong Income Tax Receipts, September
Collections Resume Rise
OKLAHOMA CITY – Revenue collections ticked up in September, pushed by strong
income tax remittances, State Treasurer Ken Miller announced today as he released the monthly
gross receipts to the treasury report.
Total collections were almost three percent higher than in September of last year. Three
of the four major tax categories were positive, with income tax leading the way up almost 16
percent. Sales tax and motor vehicle receipts also showed growth.
Collections from the gross production tax on oil and natural gas remained well below
prior year totals, down almost 40 percent, but off their low of 54 percent below the prior year in
August, indicating we may have turned a corner, Miller said.
“Oklahoma’s economy continues to climb up the expansion side of the business cycle in
spite of low prices for natural gas,” Miller said. “After two years of sharp growth in revenues,
collections have leveled off over the past half year as we close in our all time high from
The positive turn on gross receipts comes after collections dropped below the prior year
during three of the past seven months, including August. However, oil and natural gas
production collections have been consistently lower than the prior year for 10 months.
“Sales tax collections, generally viewed as a measure of consumer confidence, are up
almost six percent in September,” Miller said. “This is obviously a good sign, even though sales
tax has been growing by double digits for much of the past year.”
Other positive indicators
The Business Conditions Index for Oklahoma improved in September. The leading
economic indicator rose to 56.6 from 53.6 in August. Numbers above 50 mean growth is
expected. Over the past several months, surveys have shown solid business gains and an
anticipated reduction in the state unemployment rate in the coming months.