Oklahoma revenue collections resumed their double-digit increases in August after dipping into single-digit territory in July, state Treasurer Ken Miller said last week.
Collections totaled $842.9 million in August, up $111.3 million, or 15.2%, from August 2010. The total includes $323.5 million of sales tax revenue and $233.6 million from the individual income tax.
Revenue over the past 12 months has totaled $10.37 billion, Miller said, the highest 12-month period since July 2009’s $10.4 billion.
“During the prolonged recession, 12-month collections in Oklahoma dropped by more than $1.9 billion between December 2008 and February 2010,” he said. “As of August, we have recovered $1 billion, or more than 50%, of that lost economic activity.”
Oil and natural gas severance production taxes posted the biggest gains in revenue collections in August and over the past 12 moths, Miller said, but some slowdown is expected in the coming months due to lower prices for crude oil.
The severance taxes generated $101.3 million in August, an increase of $29.7 million or 41.5% from last year.
Over the past 12 months, state taxes on oil and gas production brought in $1 billion.
Sales tax collections over the period total $3.75 billion, up $290.8 million from the previous 12 months.
State income taxes generated $3.54 billion over the past 12 months, up by $273.5 million from the period ending in August 2010.