• Contact
Friday, May 30, 2025
  • Login
Oklahoma Business Voice
  • Home
  • News
    • All
    • Aerospace
    • Childcare
    • Education
    • Energy & Environment
    • Federal
    • Film & Television Industry
    • Finance
    • Health Care
    • Innovation
    • Issues Affecting Oklahomans
    • OBV One-on-One
    • Opinion
    • Politics & Elections
    • Taxes & Budget
    • Tribal
    • Workforce Development
    Governor Kevin Stitt

    Legal reforms now Oklahoma law, Gov. Stitt says good for business

    Firehawk Oklahoma Governor Kevin Stitt Will Edwards

    Firehawk rocket motor manufacturer building facility in Oklahoma

    Governor Kevin Stitt

    Gov. Stitt signs Oklahoma personal income tax cut into law

    Governor Kevin Stitt

    Reindustrialize Oklahoma bill to attract business, jobs goes to Stitt

  • Sign UpNEW
  • About
  • Contact
  • Advertise With Us!
No Result
View All Result
  • Home
  • News
    • All
    • Aerospace
    • Childcare
    • Education
    • Energy & Environment
    • Federal
    • Film & Television Industry
    • Finance
    • Health Care
    • Innovation
    • Issues Affecting Oklahomans
    • OBV One-on-One
    • Opinion
    • Politics & Elections
    • Taxes & Budget
    • Tribal
    • Workforce Development
    Governor Kevin Stitt

    Legal reforms now Oklahoma law, Gov. Stitt says good for business

    Firehawk Oklahoma Governor Kevin Stitt Will Edwards

    Firehawk rocket motor manufacturer building facility in Oklahoma

    Governor Kevin Stitt

    Gov. Stitt signs Oklahoma personal income tax cut into law

    Governor Kevin Stitt

    Reindustrialize Oklahoma bill to attract business, jobs goes to Stitt

  • Sign UpNEW
  • About
  • Contact
  • Advertise With Us!
No Result
View All Result
Oklahoma Business Voice
No Result
View All Result
Home News Finance
Oklahoma City's downtown skyline.

Oklahoma City, Oklahoma, USA downtown skyline at twilight.

Oklahoma Treasurer: State’s gross receipts hit new high, interest rates rise

Hicham Raache by Hicham Raache
February 10, 2023
in Finance, Issues Affecting Oklahomans, News
Reading Time: 4 mins read
Share on FacebookShare on Twitter

OKLAHOMA CITY (OBV) – Gross receipts submitted to the Oklahoma State Treasurer reached a new high over the past 12 months, with a nearly $2 billion rise from the previous 12 months, but rising interest rates are causing concern over future economic growth.

State Treasurer Todd Russ issued a report this week stating that 12-month gross receipts through January are $17.48 billion, a $1.98 billion (12.8 percent) increase from the prior twelve months.

The treasurer’s total collections of $1.59 billion in January is $40.5 million (2.7 percent) more than last January’s collection.

“The Gross Receipts report shows noteworthy improvement,” said Treasurer Russ. “Even so, higher interest rates are causing a slowdown in housing demand and other economic activity.”

All major revenue streams in Oklahoma reflected growth over the past year, with sales and use tax collections growing at 8.6 percent, exceeding the 6.5 percent inflation rate. Income tax receipts increased by 13.1 percent, according to a Treasurer’s Office news release.

The monthly Oklahoma Business Conditions Index had a slight rise in January, increasing from 40.2 in December to 43.3, showing some economic improvement. However, an index number under 50 shows potential contraction over the next three to six months.

The Treasurer’s Office provided the following breakdown of Oklahoma’s January collections and 12-month collections:

January collections

January 2023 collections compared to gross receipts from January 2022 show:

  • Total monthly gross collections are $1.55 billion, up by $40.5 million, or 2.7 percent.
  • Gross income tax collections, a combination of individual and corporate income taxes, generated $550.4 million, down by $3.1 million, or 0.6 percent.
    • Individual income tax collections are $482.2 million, an increase of $35.9 million, or 8.0 percent.
    • Corporate collections are $68.2 million, down by $38.9 million, or 36.4 percent.
  • Combined sales and use tax collections, including remittances on behalf of cities and counties, total $629.4 million – up by $32.3 million – or 5.4 percent.
    • Sales tax collections total $515.2 million, an increase of $21.9 million, or 4.4 percent.
    • Use tax receipts, collected on out-of-state purchases including internet sales, generated $114.2 million, an increase of $10.3 million, or 9.9 percent. 
  • Gross production taxes on oil and natural gas total $153.1 million, an increase of $9.6 million, or 6.7 percent.
  • Motor vehicle taxes produced $74.1 million, up by $5.4 million, or 7.8 percent.
  • Other collections composed of some 60 different sources produced $141.8 million – down by $3.7 million, or 2.5 percent.

Twelve-month collections

Combined gross receipts for the past 12 months compared to the prior period show:

  • Gross revenue totals $17.48 billion. That is $1.98 billion, or 12.8 percent, above collections from the previous 12 months.
  • Gross income taxes generated $6.0 billion, an increase of $700.5 million, or 13.1 percent.
    • Individual income tax collections total $5.0 billion, up by $587.3 million, or 13.2 percent.
    • Corporate collections are $1.0 billion, an increase of $113.2 million, or 12.8 percent.
  • Combined sales and use taxes generated $6.9 billion, an increase of $544.3 million, or 8.6 percent.
    • Gross sales tax receipts total $5.8 billion, up by $428.5 million, or 7.9 percent.
    • Use tax collections generated $1.0 billion, an increase of $115.8 million, or 12.3 percent.
  • Oil and gas gross production tax collections generated almost $2.0 billion, up by $747.2 million, or 59.9 percent.
  • Motor vehicle collections total $875.7 million, an increase of $3.0 million, or 0.3 percent.
  • Other sources generated $1.7 billion, down by $13.5 million, or 0.8 percent.

Additional details

The annual inflation rate was at 6.5 percent in December, according to the U.S. Bureau of Labor Statistics (BLS), as measured by the Consumer Price Index.

“The energy component of the index at 7.3 percent over the year is expected to remain high, along with the food index which stands at 10.4 percent,” the news release states.

Oklahoma employment numbers are strong despite workforce trend changes. The state’s unemployment rate remained at 3.4 percent in December, lower than the nation’s overall 3.5 percent jobless rate, according to BLS. The unemployment rate has not changed since September.

Tags: Gross Receiptsinterest rateOklahomaOklahoma TreasurerTodd Russ
ShareTweetShare
Previous Post

Workforce, infrastructure impediments to economic development in Oklahoma

Next Post

Chickasaw Nation program prepares youth for workforce

Related Posts

Governor Kevin Stitt
News

Legal reforms now Oklahoma law, Gov. Stitt says good for business

May 30, 2025
Firehawk Oklahoma Governor Kevin Stitt Will Edwards
Innovation

Firehawk rocket motor manufacturer building facility in Oklahoma

May 29, 2025
Governor Kevin Stitt
News

Gov. Stitt signs Oklahoma personal income tax cut into law

May 29, 2025
Governor Kevin Stitt
News

Reindustrialize Oklahoma bill to attract business, jobs goes to Stitt

May 27, 2025
Gov. Stitt’s AI Task Force releases recommendations, precautions for implementing AI in Oklahoma
News

Oklahoma income tax cut plan sent to Gov. Stitt for approval

May 29, 2025
Smiling middle-aged woman studying online on laptop computer while sitting in classroom, doing second degree as mature student. Happy 45s female attending online professional development course
Education

New law gives more Oklahoma adults chance to earn diploma

May 22, 2025
Next Post
Chickasaw Nation

Chickasaw Nation program prepares youth for workforce

Oklahoma Business Voice

© 2023 Oklahoma State Chamber.
Powered by High Five Media.
Privacy Policy

Navigate Site

  • Home
  • News
  • Sign Up
  • About
  • Contact
  • Advertise With Us!

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • News
  • Sign Up
  • About
  • Contact
  • Advertise With Us!

© 2023 Oklahoma State Chamber.
Powered by High Five Media.
Privacy Policy

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.