Oklahoma Sales Tax Revenues Show Consumer Confidence
- Feb 15, 2012 | Susan McLain
It looks like Oklahoma cities are not the only ones looking bright with sales tax revenues. With “…total collections to the General Revenue Fund through the first seven months of FY-2012 [at] $3,223.1 million,” Oklahoma State Finance Director Preston Doerflinger says, “consumer confidence appears to be high early in the second half of the 2012 fiscal year.” Of that amount, $165 million was due to sales tax collections, the main source of state funding in Oklahoma.
In discussing how this might affect government activities, Doerflinger feels, “…this seems like the perfect time to implement the governor’s tax-cut plan.” The Governor, Mary Fallin agrees, “I am encouraging legislators to see this as an opportunity, not to grow government or to spend more on government bureaucracy, but to pursue a bold plan to cut taxes and allow Oklahomans to keep more of their hard-earned money.”
Year-to-date collections for FY-2012 came to $1,056.7 million, nearly $100 million more than FY-2011’s $975.9 million. Collections also exceeded the amounts expected/estimated for this month as well as for year-to-date numbers.
As part of her tax reduction plan, Fallin says “…Oklahoma can continue to build on our recent economic successes by creating a tax climate more conducive to business growth, job creation and statewide prosperity.”