OKLAHOMA CITY — In spite of lower oil and gas prices, gross receipts have shown growth in the Oklahoma economy for 23 straight months, State Treasurer Randy McDaniel said Friday.
February gross receipts generated $971.5 million, or nearly 11 percent more than in February of last year.
“Oklahoma’s economic expansion continues and so far is not showing a major impact from the volatility in energy prices,” McDaniel said. “My hope is that during these times of revenue growth, state policymakers will find ways to save for the future needs of our state.”
Gross income-tax collections, a combination of individual and corporate income taxes, generated $290.5 million, up 6.1 percent.
Individual income tax collections for the month brought in $279.3 million, up 4 percent from the prior year. Corporate collections generated $11.2 million, or a rise of nearly 113 percent.
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Sales-tax collections, including remittances on behalf of cities and counties, produced $368.7 million, an increase of 1.5 percent.
Gross production taxes on oil and natural gas generated $105.7 million, up 58.3 percent from last February.
Motor vehicle taxes produced $57.2 million, up 7.5 percent.
Other collections, consisting of about 60 different sources including use taxes, along with taxes on fuel, tobacco, and alcoholic beverages, produced $149.4 million, or 24 percent more than last February.
