Monday, October 10, 2011

September Tax Revenues in Oklahoma Jump 14.5% From Increased Hiring and Strong Oil Production

"Tax collections in Oklahoma grew at a double-digit rate in September for the second straight month compared with receipts for the same period a year ago. Total collections for the state's general revenue fund, the principal funding source for state government, were $526.2 million in September, which was $66.5 million, or 14.5 percent, above collections for the same month in 2010. 

For the first quarter of this fiscal year, tax collections registered a 12.1 percent growth. Total collections, led by growth in income tax receipts, exceeded $1.3 billion for the three-month period. That is $143.1 million more than for the first three months of the 2011 fiscal year and 7 percent more than expected.

Finance Director Preston Doerflinger said the state's revenue growth has been propelled by particularly strong income tax collections, reflecting hiring across many sectors, continued activity in the oil patch and an uptick in manufacturing jobs. “We also have seen steady growth in sales taxes,” he said.

3 Comments:

At 10/11/2011 1:56 AM, Blogger truth or consequences said...

That's just a taste of what will happen to the whole region if Keystone XL goes through.

 
At 10/11/2011 8:28 AM, Blogger Michael Hoff said...

Now the question is, will they spend it? Or will they cut taxes?

 
At 10/11/2011 10:36 AM, Blogger NormanB said...

Opposite for Calif. Sept vs Sept total revs were -12%. Income taxes were +7% but sales and use taxes were -49% (not a typo, -49%). This state is dysfunctional.

 

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