DALLAS A revival in Oklahoma energy production rates boosted state tax collections to $836 million in August.
Revenues from oil and gas production were up from previous year results for the fourth month in a row, State Treasurer Ken Miller said at a news conference Sept. 4.
Higher prices for natural gas and sustained prices for oil of more than $100 per barrel are the reasons behind the increased activity, Miller said.
Collections from the energy taxes totaled $66.2 million in August, up $19.3 million from August 2012. The revenues were down $3.3 million from July’s report.
Total collections in the month were up $16.5 million from August 2012 revenues.
“Oklahoma’s economy, powered by the energy industry, continued to grow in August,” Miller said. “At the same time, sales tax collections also climbed, but at a more modest pace than we’ve seen on average in the past year.”
Sales tax collections, including remittances on behalf of cities and counties, totaled $363.5 million last month.
The income tax generated $221.6 million in August, down $8 million from August 2012. Personal tax collections were down $5.7 million to $215.8 million last month. The corporate tax contributed $5.8 million, down $2.3 million from 2012.
Collections over the past 12 months total $11.3 billion, Miller said.
The 12-month total includes $3.5 billion from the personal income tax and $4.2 billion from sales taxes. Oil and gas production taxes generated $745.5 million over the period.