DALLAS — Oklahoma tax collections in January totaled more than $1 billion for the first time, as income tax withholdings and sales taxes surged to historic highs.
Gross revenues came in at $1.009 billion, State Treasurer Ken Miller said at a news conference Tuesday.
"This month's treasury report illustrates that Oklahoma's economy is doing well with individual earnings and spending up more than ever before," he said.
The record was set despite the continued weakness in revenues from oil and natural gas production taxes.
Production tax collections were down 15.6% from January 2012 as total receipts rose 1.2%.
"The state economy is showing its resilience even as collections from the production of oil and natural gas continue to underperform," Miller said.
The state's severance taxes brought in $58 million last month, down $11 million from January 2012. Collections in January fell by $2 million from December's intake.
Income tax withholdings totaled $268 million in January, beating the previous record of $246.3 million posted in January 2012.
Sales tax revenues of $365.3 million edged past the $364.9 million in December 2012, which had held the top position for monthly collections.
Gross production taxes on oil and natural gas generated $58.05 million in January, a decrease of $10.72 million or 15.6 percent from last January. Compared to December reports, gross production collections are down by $2.12 million or 3.5 percent.
Total collections so far in fiscal 2013 are up 3.2% from fiscal 2012.
Gov. Mary Fallin is counting on increased revenues to help compensate for her proposal to reduce the top state income tax rate to 5% from 5.25%. Fallin, who last year sought but did not get a 2% rate cut, outlined the plan in her State of the State address last week.
"This is not the last tax cut you will see from my administration," she said in outlining her proposed $7 billion general fund budget for fiscal 2014.
"I am serious about lowering taxes, and I will work to get our taxes even lower and to help us be even more competitive," Fallin said.
State revenues have rebounded to close to where they were before the recession began and revenues began falling in 2008, Miller said.
"More than 90% of the revenue lost from the peak of the expansion cycle in December 2008 has now been recovered," he said.
Collections from the past 12 months are $1.7 billion higher than the period ending in February 2010, Miller said, when total receipts began to rebound.
Collections since February 2012 have totaled more than $11 billion, an increase of $341 million from the previous period.
Income tax withholdings of $4 billion in the period were $242 million more, including $3.4 billion from the personal income tax.
The state sales tax generated $4.2 billion in the past 12 months, an increase of $305 million.
Oil and gas production tax revenues were only dim spot in the collection picture, posting a decline of more than 30%. Collections of $717 million were down by $314 million from earlier.
