January got 2016 off to a rough start when it comes to the state treasury. According to Treasurer Ken Miller, Monthly Gross Receipts took their largest plunge in five years. January collections are down by nearly $150 million to $985.4 million. That’s a 13 percent drop year over year.
“The surplus-driven energy contraction continues to spill over into all of Oklahoma’s main revenue sources,” Miller said. “Every major revenue stream in January is smaller than a year ago. Collections from oil and natural gas gross production are off by more than 50 percent, and the downturn is suppressing income, sales, and motor vehicle tax collections.”
Compared the last 12-month collection period to the previous 12-month period, collections have dropped by almost five percent to $11.5 billion. It is the lowest 12-month total since December 2013.
January gross production collections (oil and gas tax) are almost 55 percent lower when compared to last January.
Gross income tax collection, which combines personal and corporate income taxes into one figure, came in at $377.07 million in January, down 16.2 percent from the previous year. Personal income tax collections totaled $341.47 million, down 8.7 percent. Corporate income tax collections are $35.6 million, down by 53.1 percent.
Sales tax collections in January were $374.62 million in January, down by 7.7 percent.
Motor vehicle taxes were down by 1.9 percent in January to $67.24 million.
