State tax revenues set monthly record in April
Oklahoma's monthly state tax revenue reached a record $1.6 billion in April as the state's economy continued to expand, State Treasurer Randy McDaniel announced Monday.
April's revenues were up $177.9 million, or 12.7%, over revenues from April a year earlier.
"Oklahoma gross receipts are at record highs and state unemployment remains at historically low levels, all very positive news," McDaniel said.
On a more cautionary note, McDaniel reported that the $79.8 million that the state received from oil and gas production taxes in April was the lowest monthly total the state had received since production taxes were raised last year. The previous low was $96.2 million in March.
"Production volumes were reduced because of mediocre energy prices during the first quarter and geopolitical uncertainty," he said.
McDaniel said there is a two-month lag time between oil and gas production and tax receipts so April revenues reflect February production. Oil and gas prices picked up a little in March and April, he said, so there is a possibility that production may also have picked up, which could boost future revenues.
McDaniel also noted that the Oklahoma Business Conditions Index, which is used to forecast future economic activity, dipped below growth neutral in April — the first time that has happened in 21 months. Another predictor of future economic activity, the Federal Reserve's Leading Index for Oklahoma, dropped into negative territory in February for the first time in three years before rebounding slightly in March, he said.
For the most part, however, McDaniel's revenue report was extremely positive.
The state treasury has taken in $13.4 billion during the last 12 months, which is $1.5 billion, or 12.3% more than collections from the previous 12 months, he reported.
Following is a breakdown of state revenue received from various tax sources for the last 12 months and how those figures compare with revenues from the previous 12-month period:
• Individual income tax collections, $4 billion, up $285.7 million (7.6%).
• Corporate income taxes, $518.3 million, up $53.9 million (11.6%).
• Sales taxes, $4.9 billion, up $284 million (6.2%).
• Oil and gas production taxes, $1.1 billion, up $471.1 million (73.8%).
• Motor vehicle taxes, $791 million, up $25 million (3.3%).
• Other sources, $2.1 billion, up $348.4 million (19.9%).