Economic Slowdown Seen on State Level
Overall collections to Oklahoma’s state treasury in November were less than the same month last year, due in large part to declines in sales and oilfield tax payments, treasury officials said Thursday.
Oklahoma Treasurer Randy McDaniel said it’s the first time since March 2017 that total collections were lower than the same month the prior year.
“Lower energy prices are having a significant influence on gross production tax receipts,” McDaniel said.
Total collections in November were $989.7 million, which is about 4.2% less than November 2018.
Besides sales and gross production tax declines, McDaniel reported November receipts from motor vehicle taxes were down more than 10%, while corporate income taxes were off by more than 30%.
McDaniel said other economic indicators suggest Oklahoma is likely to see slow or no economic growth in the next three to six months.