Oklahoma revenue collections plunge to historic depths

BY ASSOCIATED PRESS
05/17/2020 10:00 AM
OKLAHOMA CITY (AP) – Collections to Oklahoma's main government operating fund missed projections by 44% last month, the biggest shortfall in modern history, state finance officials said May 12.

Postponing the income tax deadline from April to July, plummeting energy prices and the coronavirus-related shutdown of businesses across the state amounted to a “threefold economic gut punch," said Office of Management and Enterprise Services Director Steve Harpe.

“Missing this month's estimate is not a surprise, but the magnitude is notable," he said.

Overall collections to the state's general fund in April totaled $529 million, which is 44% below the monthly estimate. Total collections to the fund through the first 10 months of the current fiscal year were about 8.5% below the estimate, Harpe reported.

April is historically the month with the largest revenue collections. Harpe said general revenue collections haven't missed the estimate by more than 40% in recent history.

Individual and corporate income taxes, sales taxes and gross production taxes on oil and natural gas were all well below projections. The one bright spot was motor vehicle tax collections, which exceeded the estimate last month by more than 23%.

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