Oklahoma state revenues were up in August for the second month in a row, with increases in sales taxes and energy production taxes setting the pace.
Total revenue during the month totaled $490.1 million, up $47.6 million from August 2007 and $43.8 million above the latest estimate.
The state sales tax generated $152.9 million in August, up 17% from August 2007 collections and $15 million, or 11%, higher than expected.
Taxes on oil and gas production in Oklahoma brought in $39.7 million, or 70% more than in August 2007, and $40.1 million, or 71%, above predictions.
“Sales tax collections were significantly above both the prior year and the estimate,” said Treasurer Scott Meacham. “Even when inflation of retail prices is factored in, these numbers show a strong increase in sales across the state. Even more impressive is the fact that August collections include the impact of the sales tax holiday the first weekend of the month.”
Meacham said the pre-school tax holiday cost the state $6.6 million in lost sales taxes.
Tax revenue in July was 11.2% higher than in July 2007.
The state collected $155.9 million in net income taxes, $7.5 million less than in August 2007 and $6.8 million less than estimated.