State tax receipts stay on track
Income tax revenue was 3.5% higher than projected
Oklahoma state government remained on track for the current budget year in March as higher-than-expected income tax receipts pushed 3.5% higher than projected, the Office of Management and Enterprise Services said Tuesday.
For fiscal year 2021, which ends June 30, payments to the the state’s general revenue fund are $4.8 billion, which is 0.6%, or $27.5 million, above the budgeted amount.
The fund, which accounts for about 70% of state appropriations, is $94.1 million, or 2%, above the first nine months of the previous fiscal year.
That is due in part to last year’s three-month postponement of state and federal income tax deadlines, which pushed them into the current fiscal year.
“Oklahoma continues to exceed year-to-date collection estimates,” said OMES Executive Director Steven Harpe. “As life starts to return to normal, post-pandemic, we hope to see this economic momentum continue forward.”
Payments to the general revenue fund totaled $489.3 million in March, which was slightly below the same month a year ago but above projections.
Total income tax collections were $180.9 million, which was 23.2% above the estimate but below the prior year.
Most of that — $156.6 million — were from individual returns, with the rest coming from corporate taxes.
The state’s other major revenue source, sales taxes, totaled $162 million, 8.3% below the estimate and 1.9% below the prior year.
Oil and gas taxes accounted for $70.4 million, which was 2.8% above the estimate and 17.8% above the prior year.