For Immediate Release: August 1, 2008
Sen. Mike Mazzei
Data Show Individual Income Tax Collections
Grow Slightly for FY 2008
Despite Dire Predictions of Shrinking Revenues
Data from the Oklahoma Tax Commission show that the state’s
individual income tax collections grew slightly for Fiscal Year
2008, which concluded on June 30, the co-chairman of the State Senate
Finance Committee noted today.
“There were a lot of dire predictions by opponents of tax
relief that income tax cuts would drastically shrink income tax
revenues. But the facts tell a different story – revenues
from individual income taxes continue to grow,” said State
Sen. Mike Mazzei, R-Tulsa.
Since 2005, the Legislature has reduced Oklahoma’s top rate
for individual income taxes from 6.65% to 5.5%. The Legislature
has also increased the standard deduction for individual income
The Oklahoma Tax Commission’s “income tax summary”
for FY 2008 shows that individual income taxes apportioned to various
state funds totaled $2,780,582,937.48. That’s nearly $3.3
million, or 0.1%, more than was apportioned in FY 2007.
“The Legislature’s income tax relief program, along
with Oklahoma’s strong energy and agriculture sectors, have
helped keep our state’s economy afloat while the national
economy has slowed down,” stated Mazzei. “The growth
in income tax revenues has been modest, but they’re still
growing, and that’s a far cry from what the doom-and-gloomers
predicted would happen.”
Individual income taxes are automatically apportioned to a number
of different funds, including the Education Reform (1017) Revolving
Fund, the Teachers Retirement Fund, the ROADS Fund, and the General
Revenue Fund. The General Revenue Fund is money that is available
for appropriation by the Legislature.
For FY 2008, $541,477,126.74 of the individual income tax was apportioned
to seven funds other than General Revenue, while $2,239,105,810.74
was deposited in the General Revenue Fund.
State Income Tax Collections Overview
For more information
Sen. Mazzei's Office: (405) 521-5675