State Lawmakers Might Have Deeper Pockets Next Session
eCapitol News reports:
Lawmakers could have more money to spend during the 2012 legislative session if Oklahoma’s General Revenue Fund collections follow the trend of the past 10 years, the Office of State Finance reported.
The OSF released its State Budget Outlook Multi-Year Trend Analysis last week, which analyzes major sources of tax revenues for the General Revenue Fund, the largest single source of legislative funding.
Tax sources analyzed in the report include: personal and corporate income tax, sales tax, gross production tax on natural gas and motor vehicle tax.
Revenues not included in the report include taxes on franchises, alcoholic beverages and cigarette and tobacco products.
The $4.7 billion in expected revenue for FY 2013 is a 1.6 percent higher than the estimate approved by the Board of Equalization in June, (right-click here to download) eCapitol’s Shawn Ashley reports.
Motor vehicle tax collections are up 4.4 percent and show the biggest growth, according to the OSF projection. Corporate income taxes are expected to grow the least, just 0.1 percent from FY 2012 to FY 2014.
The Board of Equalization will meet in December to make an official forecast of state revenues.