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Local & Regional

Income Taxes Give Boost to Oklahoma General Fund

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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.