Oklahoma revenue continues to climb

The Associated Press - June 7, 2019 1:47 pm

OKLAHOMA CITY (AP) – Overall collections to the Oklahoma treasury continued to grow last month, marking the 26th consecutive month in which collections exceeded those from the same month in the prior year.

Oklahoma Treasurer Randy McDaniel released figures on Friday that show May receipts of $1.1 billion, an increase of more than 10 percent from May 2018.

Much of the revenue boost can be attributed to a package of tax hikes approved by the Legislature last year. McDaniel reported those taxes on fuel, cigarettes and energy production added nearly $60 million to last month’s collections. More than half of that, about $31.1 million, came from the increased tax rate on oil and natural gas production.

McDaniel cautioned any impact of recent flooding on state revenue figures won’t be seen until next month’s report.

 

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