Oklahoma’s personal and corporate income taxes were up significantly in May, Finance Secretary Preston Doerflinger said last week, beating by wide margins both last May’s totals and the official projections for the month.
“Oklahoma’s economy remains robust and reliable heading into the home stretch of the fiscal year,” Doerflinger said. “Revenues are once again tracking slightly above annual projections.”
The personal tax brought in $176.3 million to the general fund, Doerflinger said, and the corporate tax generated $5.2 million. The 20% increase in corporate income tax revenues in May marked the third straight month of double-digit increases in collections, he said.
With but one month remaining in fiscal 2013, total general fund collections of $5 billion are $65 million more than the first 11 months of fiscal 2012 and $35 million more than expected when the fiscal 2013 budget was adopted.
“Continued strength in these key revenue areas shows a state still on the move and growing,” he said. “Most sectors remain healthy even amid federal budget uncertainty and the resulting effect on military and federal employee purchasing psyche.”
Gross production taxes on oil and gas continue to be a drag on state revenues, totaling $29.4 million in May. Production taxes so far in fiscal 2013 have generated $141.7 million, or almost 43% less than expected.