Oklahoma tax collections rise, led by oil and gas revenue

Oklahoma tax collections rise, led by oil and gas revenue

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Oklahoma tax collections rise, led by oil and fuel income

Oklahoma collected $1.1 billion in complete taxes throughout March, surpassing March 2020 collections by $35.1 million, a rise of three.2%, state Treasurer Randy McDaniel stated Tuesday.The year-over-year enhance is simply the second time up to now 12 months that month-to-month collections topped the prior 12 months’s complete, and complete collections for the previous 12 months stay down, McDaniel stated.“This optimistic financial report is encouraging information,” McDaniel stated. “Among the many extra favorable indicators is the upward pattern in oil and pure fuel exercise.”Collections on oil and pure fuel manufacturing rose by 15.1% to $90.8 million in March to result in the elevated collections that had slumped throughout the coronavirus pandemic and plunging oil costs. The final time month-to-month receipts topped prior 12 months collections was in July, a lift that McDaniel stated was as a consequence of a three-month delay in revenue tax filings final 12 months.Particular person and company revenue tax collections totaled $412 million, a 7.7% enhance from March 2020, whereas gross sales tax collections of $363.6 million was a decline of 1.3%, in accordance with McDaniel’s report.For the previous 12 months, complete collections of $13.15 billion are 4.2%, or $572.9 million, beneath collections from the earlier 12 months, in accordance with the report.

Oklahoma collected $1.1 billion in complete taxes throughout March, surpassing March 2020 collections by $35.1 million, a rise of three.2%, state Treasurer Randy McDaniel stated Tuesday.

The year-over-year enhance is simply the second time up to now 12 months that month-to-month collections topped the prior 12 months’s complete, and complete collections for the previous 12 months stay down, McDaniel stated.

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“This optimistic financial report is encouraging information,” McDaniel stated. “Among the many extra favorable indicators is the upward pattern in oil and pure fuel exercise.”

Collections on oil and pure fuel manufacturing rose by 15.1% to $90.8 million in March to result in the elevated collections that had slumped throughout the coronavirus pandemic and plunging oil costs.

The final time month-to-month receipts topped prior 12 months collections was in July, a lift that McDaniel stated was as a consequence of a three-month delay in revenue tax filings final 12 months.

Particular person and company revenue tax collections totaled $412 million, a 7.7% enhance from March 2020, whereas gross sales tax collections of $363.6 million was a decline of 1.3%, in accordance with McDaniel’s report.

For the previous 12 months, complete collections of $13.15 billion are 4.2%, or $572.9 million, beneath collections from the earlier 12 months, in accordance with the report.

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