Treasury receipts up from last year
February Gross Receipts to the Treasury grew by 15.5 percent from the same month of the prior year and reflect an increasing growth rate in collections over the past year, State Treasurer Ken Miller said Tuesday.
For 13 of the past 14 months, monthly gross receipts have increased over the prior year. During that time, the monthly rate of growth has risen from 0.5 percent in January 2017 to this month's 15.5 percent.
"The trend line shows increasing growth in Oklahoma gross collections," Miller said in a news release. "Together with other economic indicators, it appears the state's economy is gaining momentum."
February gross receipts show increases in collections from individual income, sales, and gross production taxes. Decreases are seen in corporate income and motor vehicle tax collections. The bottom line for the month is up by $117.8 million.
Collections from the past 12 months compared to the previous 12 months show growth in every major revenue stream except for corporate income tax. Total 12-month collections are up by $929.3 million, or 8.6 percent.
New revenue collections
The tax commission attributes $31.7 million in February to new revenue resulting from legislation enacted during 2017. The additional revenue comes primarily from changes in sales tax exemptions and gross production tax incentives.
The new revenue accounts for 3.6 percent of February gross receipts. Out of $6.8 billion in gross collections since August, $172.6 million, or 2.5 percent, has resulted from law changes from last year.