More than $360 million in delayed income tax collections gave a boost to July gross receipts to the Oklahoma Treasury, but officials said the numbers don't tell the whole story.
Income tax payments usually received in April arrived in July because of a delayed filing deadline. Deputy Treasurer for Communications Tim Allen said, however, they expected $414.4 million in income tax revenue in April.
"You see that there’s a more than $50 million gap right there. So, something’s off with that number," Allen said.
While July gross receipts were up 25% year over year, Allen cautioned the economy hasn't suddenly improved.
"When you look at the details of how the money came in and where it came from, you find that we still have some serious problems going on with the state’s economy," Allen said.
One of the state’s key economic indicators, the gross production tax on oil and gas, was down almost 72% from the previous July. Since the start of the recession, overall gross receipts are down 6% from the same six months of 2019.
For the past 12 months, they’re down 34% from the prior year.