State gross collections set record for May

Last month’s gross collections set a record high for May, State Treasurer Ken Miller said Wednesday.

Gross collections in May generated nearly $971 million, up about 14 percent from May of last year.

“As has been the case each month for more than a year, Oklahoma’s economy is showing signs of ongoing expansion,” Miller said. “In just the past 14 months, since 12-month collections last bottomed out, gross receipts have grown by more than $1.3 billion, an increase of more than 12 percent.”

Gross income tax collections, a combination of individual and corporate income taxes, brought in $281.8 million, up 5.1 percent from May of last year.

Individual income tax collections were $255.9 million, up 7.6 percent, while corporate collections generated $25.9 million, a drop of 14.7 percent.

Sales tax collections, including remittances on behalf of cities and counties, total $391.1 million, up 12.2 percent.

Gross production taxes on oil and natural gas generated $74.1 million, up 91 percent from last May.

Motor vehicle taxes produced $69.7 million, up 6.8 percent.

Other collections, consisting of about 60 different sources including use taxes, along with taxes on fuel, tobacco, and alcoholic beverages, produced $154.2 million, up 14.9 percent.