OKLAHOMA CITY (OBV) – Oklahoma’s state treasurer says Oklahoma experienced a slowdown in revenue growth at the end of 2022, a year that otherwise achieved a record high in gross receipts.
Twelve-month gross receipts reached $17.4 billion, a new all-time high for the Sooner State, with revenues expanding almost 15 percent compared to last year, according to State Treasurer Randy McDaniel.
But the growth rate moderated in December with monthly collections growing only 5.7 percent compared to a year ago.
“The performance of Oklahoma’s economy has been impressive this year,” McDaniel said. “Robust consumer demand coupled with an expanding energy sector led to record revenues for the year. With that said, the rate of growth has started to taper off.”
Combined sales and use taxes were up by five percent this December compared to December 2021. Total individual and corporate income tax receipts rose 2.3 percent, but motor vehicle collections declined 6.3 percent, according to a news release from McDaniel’s office.
The gross production tax on oil and natural gas continued ascending, finishing 26.9 percent higher than in December 2021.
Collections for 2022 are over $2.2 billion above 2021 collections. The top three major revenue streams showed expansion, ranging from 70.9 percent in gross production receipts to 9.6 percent in sales and use taxes, according to the State Treasurer’s Office.
December 2022 collections compared to gross receipts from December 2021 show the following:
- Total monthly gross collections are $1.5 billion, up by $80.4 million, or 5.7 percent.
- Gross income tax collections, a combination of individual and corporate income taxes, generated $485.8 million, up by $10.7 million, or 2.3 percent.
- Individual income tax collections are $380.2 million, an increase of $4.3 million, or 1.1 percent.
- Corporate collections are $105.6 million, up by $6.5 million, or 6.5 percent.
- Combined sales and use tax collections, including remittances on behalf of cities and counties, total $611.3 million – up by $29.3 million – or 5 percent.
- Sales tax collections total $508 million, an increase of $24.3 million, or 5 percent.
- Use tax receipts, collected on out-of-state purchases including internet sales, generated $103.3 million, an increase of $5 million, or 5.1 percent.
- Gross production taxes on oil and natural gas total $195.1 million, an increase of $41.4 million, or 26.9 percent.
- Motor vehicle taxes produced $68.7 million, down by $4.7 million, or 6.3 percent.
- Other collections composed of some 60 different sources including taxes on fuel, tobacco, medical marijuana, and alcoholic beverages, produced $134.6 million – up by $3.6 million, or 2.7 percent.
- The medical marijuana tax produced $4.2 million, down by $733,429, or 14.9 percent.
- The medical marijuana tax produced $4.2 million, down by $733,429, or 14.9 percent.
Combined gross receipts for the past 12 months compared to the prior period show the following:
- Gross revenue totals $17.44 billion. That is $2.26 billion, or 14.9 percent, above collections from the previous 12 months.
- Gross income taxes generated $6.04 billion, an increase of $824.7 million, or 15.8 percent.
- Individual income tax collections total $5 billion, up by $616.3 million, or 14 percent.
- Corporate collections are $1.04 billion, an increase of $208.4 million, or 25.1 percent.
- Combined sales and use taxes generated $6.87 billion, an increase of $602.8 million, or 9.6 percent.
- Gross sales tax receipts total $5.82 billion, up by $484.6 million, or 9.1 percent.
- Use tax collections generated $1.05 billion, an increase of $118.2 million, or 12.7 percent.
- Oil and gas gross production tax collections generated $1.98 billion, up by $823.7 million, or 70.9 percent.
- Motor vehicle collections total $870.3 million, an increase of $1.9 million, or 0.2 percent.
- Other sources generated $1.67 billion, up by $9.5 million, or 0.6 percent.
- Medical marijuana taxes generated $54.7 million, down by $11.5 million, or 17.3 percent.
