OKLAHOMA STATE TREASURER
For Immediate Release: February 5, 2013
January Gross Receipts Make History
OKLAHOMA CITY – Oklahoma’s economy reached a number of milestones as it
showed expansion in January, State Treasurer Ken Miller said today as he released the state’s
monthly gross receipts to the treasury report.
“For the first time in Oklahoma history, January gross receipts exceeded $1 billion,”
Miller said. “Income tax withholding set an all-time record as did total sales tax collections.”
Miller pointed out that the record collections are a reflection of the strength of
Oklahoma’s recovery and are in no way related to increased tax rates. In fact, tax rates have been
cut over the past several years.
“This month’s treasury report illustrates that Oklahoma’s economy is doing well with
individual earnings and spending up more than ever before,” he said.
Total gross collections topped $1.009 billion for the month. Income tax withholding in
January was $268 million. The previous withholding record was $246.3 million set in January
2012. Gross sales tax collections this month were $365.3 million. The previous sales tax record
was $364.9 million set in December of last year.
January receipts from all sources grew by 1.4 percent from the prior year and collections
for the past 12 months are up by 3.2 percent. Gross production collections in January fell by 15.6
percent from the prior year.
“The state economy is showing its resilience even as collections from the production of
oil and natural gas continue to underperform,” he said.
Collections from the past 12 months are $1.74 billion higher than when gross receipts
bottomed out in February 2010. More than 90 percent of the revenue lost from the peak of the
expansion cycle in December 2008 has now been recovered.
Other positive signs
Miller said more positive economic news can be found in the most recent unemployment
figures, which set Oklahoma’s December unemployment rate at 5.1 percent. That compares to a
national rate of 7.9 percent. One year ago, the state’s unemployment rate was 6.3 percent.