A tax amnesty program that brought in $19.8 million in general fund revenues in November allowed Oklahoma revenue to exceed expectations and top November 2007 revenues.
Revenue totaled $455.4 million, which was $51.8 million more than the same month last year and $8.2 million more than expected.
The so-called Clean Slate ’08 tax amnesty, which ended Nov. 14, generated $16.1 million of late individual income taxes, $1.6 million of corporate income taxes, $1.6 million of sales taxes, and $235,000 in other revenue.
Without the amnesty money, said state Treasurer Scott Meacham, monthly collections in November would have been less than expected.
“This extra money will help provide an additional cushion if revenue collections drop during the coming months as effects of the nationwide recession are felt more here in Oklahoma,” Meacham said.
Sales tax collections continue to be strong, he said. Sales tax collections in November totaled $149.7 million, up 14% from November 2007 and 4.2% more than expected.
“These numbers don’t include Black Friday sales tax receipts,” Meacham said, referring to the day after Thanksgiving, traditionally the biggest shopping day of the year. “It appears the state is in good shape heading into the holiday shopping season.”
General fund revenues for the first five months of fiscal 2009 total $2.5 billion, which is $187.1 million above the same period in fiscal 2008 and $133.8 million more than the estimate.