Oklahoma revenue takes steep dive - KSWO 7News | Breaking News, Weather and Sports

Oklahoma revenue takes steep dive

OKLAHOMA CITY (AP) - State tax collections took a dive in April, raising the possibility that the state will not have enough money to pay its bills for the current fiscal year.

Tax collections in April were 21.6% below the same month a year ago and 21.1% below the estimate upon which the state budget is based for the fiscal year ending June 30.

A similar drop in collections next month would force across-the-board state agency budget cuts under the Oklahoma Constitution.

April collections for all major tax categories - except sales taxes - were well below the estimate. Oil and gas taxes were down 65% from last year and income taxes dropped by nearly 22%.

Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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