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The state maintains the fund with all revenue exceeding the five-year average from the gross production tax on oil and natural gas and 75% of income tax exceeding the five-year average.
Specifically, this Note considers the evolving structure of the production tax--primarily concerning the progressive rate additions and the move from a gross production tax to a net production tax.
These revenue streams include state energy taxes (oil and gas gross production tax and oil extraction tax), royalties on production from state-owned lands, royalties retained by county governments on some Federal lands, portions of Federal royalties returned to the state and counties from oil and gas production on Federal lands, and revenues from Federal mineral leases and bonuses.
Gross production tax collections for April totaled $60.9 million, which was $7.8 million, or 14.8%, above the estimate and $26.2 million, or 75.3%, above the previous fiscal year.
Fiscal 2018 GRF revenues through March are 3.7% above projections despite a large 20% deviation from the gross production tax forecast, with all revenue sources showing solid growth from fiscal 2017.
Mazzei said lawmakers last year acted to raise state revenues by increasing the gross production tax on oil and gas and reining infinancial incentives offered to encourage horizontal drilling.
To date, sales tax collections are 11.3% below expectations (incorporating a decline in mining-related equipment purchases), gross production tax collections are 67% below forecast, and motor vehicle tax collections are 13.2% below forecast.
Last year saw the first substantial increases in overall state appropriations since the Great Recession, thanks to a recovering economy and lawmakers finally agreeing to raise the gross production tax, along with other revenue hikes.
OKLAHOMA CITY A bill that would have allowed counties to adopt a gross production tax on aggregates like sand and gravel mined in the state and used in road and other construction projects won't advance to become law this year.