July Revenues Strong

State general fund collections in July totaled $457.1 million, an increase of $45.9 million from July 2007 and $30.4 million higher than earlier estimated.

“Revenue collection reports show Oklahoma’s economy remains healthy, driven by record strength in our energy sector,” said Treasurer Scott Meacham. “Gross production receipts are very strong. Income taxes, both personal and corporate, show growth, as do sales tax collections.”

Gross production taxes, which are severance taxes levied on oil and gas production, brought in $90 million, almost 60% more than in July 2007 and 52.6% higher than the estimate.

Income tax collections totaled $158.6 million, with $154.8 million coming in through individual returns.

Sales taxes, which are the state’s number two source of revenue after the income tax, produced $141.6 million for general revenue in July, up $10 million from the previous year and $2.1 million above the estimate.

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