© 2021 Public Radio Tulsa
800 South Tucker Drive
Tulsa, OK 74104
(918) 631-2577

A listener-supported service of The University of Tulsa
PRT Header Color
classical 88.7 | public radio 89.5
Play Live Radio
Next Up:
Available On Air Stations
Local & Regional

Income Taxes Give Boost to Oklahoma General Fund

State of Oklahoma-File photo

OKLAHOMA CITY (AP) — The balance sheet on Oklahoma's finances is looking better by the day.

State officials say increased income tax collections are providing a boost to the Oklahoma General Revenue Fund used to fund state government.

Secretary of Finance Preston Doerflinger reported Tuesday that total collections to the fund through 11 months of the current fiscal year total $5 billion. That's an increase of $65 million, or 1.3 percent, over total collections during the same period last year. The collections also exceed the official estimate by $35 million, or nearly 1 percent.

Doerflinger reports individual income taxes contributed $176 million to the fund in May, a 4.3 percent increase over May 2012. Corporate income taxes of $5.2 million in May were up more than 20 percent over the same month last year, while sales tax collections were up by 3 percent.