OKLAHOMA CITY – State officials say Oklahoma’s economy is on the rise.
Although the state has had its fair share of budget highs and lows over the past year, State Treasurer Ken Miller says the state generated more than $12 billion in revenue during that time.
“As has been the case each month for more than a year, Oklahoma’s economy is showing signs of ongoing expansion,” Miller said in June. “In just the past 14 months, since 12-month collections last bottomed out, gross receipts have grown by more than $1.3 billion, an increase of more than 12 percent.”
Just last month, officials say Oklahoma netted $1.1 billion.
Those figures do not include those tax hikes on gas and cigarettes, which just went into effect on Sunday.
The tax commission attributes $33.8 million in May to new revenue resulting from legislation enacted during 2017. The additional revenue came primarily from changes in sales tax exemptions and gross production tax incentives.