July Tax Revenues Beat Records
Oklahoma has best July in history for tax revenue
by Rick Green
Oklahoma collected more tax revenue last month than any July in state history and the unemployment rate remains well below the national average as the economy continues to surge.
“With apologies to Rodgers and Hammerstein, we’re still doing fine, Oklahoma,” state Treasurer Ken Miller said in a news conference Wednesday.
Gross receipts in July topped $992 million, up $68 million, or 7.4 percent, from July 2013. Gross income tax collections showed a 13.4 percent jump and the state’s tax revenue on oil and natural gas production grew by 11.1 percent.
Monthly collections have been higher than the previous year in all but six months during the past four-and-a-half years, Miller said.
The unemployment rate for June, the most recent figure available, was 4.5 percent, compared to a national rate of 6.1 percent.