![]() Corporate collections are $13.2 million, an increase of $2.1 million, or 18.7 percent.Ĭombined sales and use tax collections, including remittances on behalf of cities and counties, total $409.2 million in February. Individual income tax collections for the month are $280.1 million, up by $704,000, or 0.3 percent, from the prior year. Gross income tax collections, a combination of individual and corporate income taxes, generated $293.3 million, an increase of $2.8 million, or 1 percent, from the previous February. Numbers above 50 indicate economic growth is anticipated during the following three to six months.įebruary gross collections total $956.8 million, down by $14.7 million, or 1.5 percent, from February 2019. February’s rate of 51.5 is down from 52.2 in January. The Oklahoma Business Conditions Index for February was listed above growth neutral for only the second month since October 2019. In February 2019, the 12-month growth rate was 12.3 percent. Twelve-month receipts through February are $13.71 billion, up by 4.2 percent. The growth rate of 12-month gross receipts also continues to decline. Total monthly gross receipts were last reported as below the same month of the prior year in November, which ended a 32-month streak of growth. Motor vehicle tax receipts, down by 2.2 percent in February, are below the prior year for a second consecutive month. ![]() February marks the sixth consecutive month of contraction in both revenue sources. Sales tax collections for the month of February are down by 3.4 percent, while gross production taxes on oil and natural gas are off by almost 20 percent. “In the coming months, we will be closely monitoring national and international developments relating to the coronavirus and the resulting economic impact.”įor the year, oil and gas gross production tax collections brought in $993.8 million during the 12 months, down by $72.8 million, or 6.8 percent, from the previous 12 months. “Through the end of last month, we have seen a downward trend spurred by low oil and gas prices,” McDaniel said. ![]() Compared to January 2020 reports, gross production collections are down by $3.5 million, or 3.9 percent. Gross production taxes on oil and natural gas total $84.9 million in February, a decrease of $20.8 million, or 19.7 percent, from last February. He said collections from individual and corporate income, and use taxes were greater than those of the prior year, but not enough to offset the downturn in the other sources. Treasurer Randy McDaniel announced Wednesday the February total monthly collections were $956.8 million, down by $14.7 million or 1.5 percent compared to February 2019.
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