2012 01 January_Gross_Receipts_PR_2-2-12 1 |
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OKLAHOMA STATE TREASURER KEN MILLER For Immediate Release: February 2, 2012 Oklahoma Economy Expands, But . . . OKLAHOMA CITY – Oklahoma’s economy showed growth for a 23rd consecutive month in January as all but one revenue stream improved over the same month of the prior year, State Treasurer Ken Miller said today as he released the state’s monthly gross receipts report. “Unfortunately, the one source of revenue on the decline – the gross production tax – is a key driver of Oklahoma’s economy and could moderate growth going forward until natural gas supply is reduced and prices rebound,” Miller said. January receipts from all sources grew by 8.5 percent from the prior year and collections for the past 12 months are up by 9.6 percent. Gross production collections in January fell by 7.4 percent from the prior year. “Collections from the past 12 months are almost $1.4 billion higher than when we hit bottom in February 2010. We have recovered 73 percent of the revenue lost from the peak of the expansion cycle in December 2008,” he said. Miller said low natural gas prices follow simple supply-and-demand principles. “The reduction in gross production tax collections follows a trend from the past few months caused primarily by record supply. The warmest winter in some 100 years is exacerbating the supply glut and as demand drops so do prices,” Miller said. “Most forecasts show prices will remain low for quite some time.” Miller said he anticipates natural gas prices will impact revenue estimates when the State Board of Equalization meets later this month. “The December estimate was based on gas at $4 per thousand cubic feet,” he said. “Prices are in the $2.50 range this week with little improvement anticipated in 2013.” Miller said January’s economic growth comes primarily from income tax and sales tax collections. “We see the impact from the last part of the Christmas shopping season with sales tax collections more than 10 percent higher than last January,” he said. Miller explained that January sales tax remittances represent taxable purchases made between mid-December and mid-January. (more)
Object Description
Okla State Agency |
Treasurer, Oklahoma State |
Okla Agency Code |
'740' |
Title | Monthly revenue reports, 01/2012 |
Authors |
Oklahoma. State Treasurer. |
Publication Date | 2012-02-02 |
Publication type |
Financial Report |
For all issues click |
T1400.6 M789r |
Digital Format | PDF, Adobe Reader required |
ODL electronic copy | Downloaded from agency website: http://www.ok.gov/treasurer/documents/January_Gross_Receipts_PR_2-2-12.pdf |
Rights and Permissions | This Oklahoma state government publication is provided for educational purposes under U.S. copyright law. Other usage requires permission of copyright holders. |
Month/year uploaded | June 2013 |
Date created | 2014-10-20 |
Date modified | 2014-10-20 |
OCLC number | 890223999 |
Description
Title | 2012 01 January_Gross_Receipts_PR_2-2-12 1 |
Full text | OKLAHOMA STATE TREASURER KEN MILLER For Immediate Release: February 2, 2012 Oklahoma Economy Expands, But . . . OKLAHOMA CITY – Oklahoma’s economy showed growth for a 23rd consecutive month in January as all but one revenue stream improved over the same month of the prior year, State Treasurer Ken Miller said today as he released the state’s monthly gross receipts report. “Unfortunately, the one source of revenue on the decline – the gross production tax – is a key driver of Oklahoma’s economy and could moderate growth going forward until natural gas supply is reduced and prices rebound,” Miller said. January receipts from all sources grew by 8.5 percent from the prior year and collections for the past 12 months are up by 9.6 percent. Gross production collections in January fell by 7.4 percent from the prior year. “Collections from the past 12 months are almost $1.4 billion higher than when we hit bottom in February 2010. We have recovered 73 percent of the revenue lost from the peak of the expansion cycle in December 2008,” he said. Miller said low natural gas prices follow simple supply-and-demand principles. “The reduction in gross production tax collections follows a trend from the past few months caused primarily by record supply. The warmest winter in some 100 years is exacerbating the supply glut and as demand drops so do prices,” Miller said. “Most forecasts show prices will remain low for quite some time.” Miller said he anticipates natural gas prices will impact revenue estimates when the State Board of Equalization meets later this month. “The December estimate was based on gas at $4 per thousand cubic feet,” he said. “Prices are in the $2.50 range this week with little improvement anticipated in 2013.” Miller said January’s economic growth comes primarily from income tax and sales tax collections. “We see the impact from the last part of the Christmas shopping season with sales tax collections more than 10 percent higher than last January,” he said. Miller explained that January sales tax remittances represent taxable purchases made between mid-December and mid-January. (more) |
Date created | 2013-06-11 |
Date modified | 2013-06-11 |
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