Oklahoma revenues in November failed to match last year’s totals as energy production tax collections remained anemic, Treasurer Ken Miller said.
Total collections of $799.4 million in November were off $3.7 million from November 2011, he said last week.
Taxes on oil and gas production are down 25% from November 2011, and have been falling below previous year totals for 12 consecutive months, Miller said.
“In spite of a slight dip in receipts for the month, there’s no reason to believe Oklahoma’s economy is pulling back,” Miller said. “Over the past 12 months, receipts have grown by almost 5%.”
Income tax collections totaled $225.7 million, down $16 million from last year. Sales tax collections increased by $27.3 million for a monthly total of $348.9 million.
“While sales tax receipts are still strong this month, we are anxious for Washington to solve the fiscal cliff problem so our consumers will remain confident about the positive direction of our economy,” Miller said.
The state has collected $11 billion over the past 12 months, Miller said, up $487.3 million from the earlier period.