Oklahoma revenue collections up due to delayed tax deadline
OKLAHOMA CITY (AP) — Oklahoma State Treasurer Randy McDaniel said Wednesday that revenue collections by the state rose by more than 27% in July due to a delay in the state income tax filing deadline because of the coronavirus pandemic, but not enough to offset previous shortfalls.
“While July collections were strong, a different picture emerges when taking into account the delay of income tax filing,” McDaniel said. “The details show the positive bottom line is concealing some less than favorable developments.”
The state collected $1.43 billion during the first month of the fiscal year, an increase of $306.1 million over July 2019, McDaniel said.
Individual and corporate income tax collections rose by $699.5 million, a $360.5 million increase from July 2019, but short of a $414.4 million decrease in April, according to a release from the treasurer’s office.
The income tax filing deadline was delayed from April to July. Oklahoma ended the fiscal year in June with a $585.5 million budget shortfall amid an economic slowdown due to the pandemic.
Officials announced that both the Oklahoma City Marathon and the Williams Tulsa Route 66 Marathon will be run virtually this year.
“We just cannot responsibly organize a race of 25,000 runners on the streets of Oklahoma City,” because of the ongoing coronavirus pandemic, said Oklahoma City Marathon Race Director Kari Watkins.
“There is a reason every other major marathon in the country has postponed or canceled or run virtual,” Watkins said. “We have not canceled the races, we have taken (both races) to virtual platforms ... and you can go run those wherever you want, you can run them on your treadmill,”
The Oklahoma City Marathon, scheduled for April, was initially postponed until late October while the marathon in Tulsa was scheduled for November.
The Oklahoma State Department of Health on Wednesday reported 1,101 newly confirmed coronavirus cases and 17 additional deaths due to COVID-19, the disease caused by the virus,
The department said there are now 40,564 confirmed cases and 583 deaths, an increase from 39,463 cases and 566 deaths reported Tuesday.
The true number of coronavirus cases in Oklahoma is likely higher because many people have not been tested, and studies suggest people can be infected and not feel sick.
The department reported 33,383 people have recovered from the virus while 645 are hospitalized, an increase of 141 from the 504 hospitalizations reported Tuesday.
For most people, the coronavirus causes mild or moderate symptoms, such as fever and cough that clear up in two to three weeks. For some, especially older adults and people with existing health problems, it can cause more severe illness, including pneumonia, and death.