Oklahoma Revenue Collections Top $1 Billion

State revenue collections have hit a new milestone – over $1 billion was collected in January.

This revelation was in a report released Tuesday by Oklahoma Treasurer Ken Miller. His report indicates income tax withholding set an all-time record last month as did total sales tax collections.

Miller says the record collections reflect the strength of Oklahoma’s economy and indicate that individual earnings and spending are up more than ever. He says increasing collections are not related to increased tax rates and that tax rates have actually been cut in recent years.

Income tax withholding in January was $268 million. The previous withholding record was $246.3 million set in January 2012.

Gross sales tax collections were $365.3 million. The previous record was $364.9 million set in December 2012.