State Treasurer: Oklahoma's Economy Recovering From Recession

Tuesday, December 14th 2010, 3:27 pm
By: News 9

KLAHOMA CITY -- State Treasurer Scott Meacham says state revenue collections show Oklahoma's economy is recovering from the recession, but its growth is slow.

Preliminary reports released Tuesday show tax collections in November were $345.9 million, $29.5 million above the November 2009 numbers but $9.7 million below the estimate.

Meacham noted that this time last year, collections were declining for an 11th consecutive month and state agency budgets were being cut across the board.

Meacham says the net income tax, which includes personal and corporate income taxes, brought in $132 million. That's $5.4 million below the prior year and $7.7 million below the estimate.

The state sales tax produced $134.8 million and the gross production tax on natural gas yielded $20.1 million. Both were above the prior year and above the estimate.