April 2021 GRF collections impacted by income tax deadline change
OKLAHOMA CITY — General Revenue Fund collections in April totaled $736.6 million, which is $72.6 million, or 9.0%, below the monthly estimate. This is $207.5 million, or 39.2%, above collections in April of 2020. Total GRF collections through the first 10 months of fiscal year 2021 are $5.5 billion, which is $45.1 million, or 0.8%, below the estimate, and $301.7 million, or 5.8%, above prior year collections for the same period.
Total April revenue collections missed the estimate by 9%, which was impacted by the change in the income tax filing deadline from April 15 to June 15. May and June are expected to be enhanced by the income tax extension. Major revenue categories had strong performances, including sales tax and natural gas production taxes at 19% and 386.9% above estimates, respectively. Sales taxes were boosted by consumer spending enhanced by federal stimulus checks and gas production collections reflect receipts from the particularly cold February weather. Year-to-date collections remain within 1% of the estimate.
“As Oklahomans continue to invest in their local communities, our economy is steadily building following the COVID-19 pandemic,” said OMES Director Steven Harpe. “While this past month’s collections were down 9% from initial estimates, the year-to-date totals reflect an overall stable and growing market.”
Major tax categories in April contributed the following amounts to the GRF:
- Total income tax collections of $308.6 million were $184.7 million, or 37.4%, below the estimate and $78.0 million, or 33.8%, above the prior year.
Individual income tax collections of $241.4 million were $194.7 million, or 44.6%, below the estimate and $17.5 million, or 7.8%, above the prior year.
Corporate income tax collections of $67.2 million were $10.0 million, or 17.5%, above the estimate and $60.5 million, or 906.9%, above the prior year.
- Sales tax collections of $217.7 million were $34.8 million, or 19.0%, above the estimate and $52.2 million, or 31.5%, above the prior year.
- Gross production tax collections of $100.0 million were $53.1 million, or 113.3%, above the estimate and $54.3 million, or 118.8%, above the prior year.
Natural Gas collections of $83.6 million were $66.4 million, or 386.9%, above the estimate and $71.8 million, or 609.9%, above the prior year.
Oil collections of $16.4 million were $13.3 million, or 44.7%, below the estimate and $17.5 million, or 51.6%, below the prior year.
- Motor vehicle tax collections of $3.0 million were $1.1 million, or 58.3%, above the estimate and $0.4 million, or 15.1%, above the prior year.
- Other revenue collections of $107.3 million were $23.1 million, or 27.4%, above the estimate and $22.7 million, or 26.9%, above the prior year.
As state government’s main operating fund, the GRF is the key indicator of state government’s fiscal status and the predominant funding source for the annual appropriated state budget. GRF collections are revenues that remain for the appropriated state budget after rebates, refunds, other mandatory apportionments and after sales and use taxes are remitted back to municipalities. In contrast, gross collections, reported by the State Treasurer, are all revenues remitted to the Oklahoma Tax Commission.
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