Oklahoma gross receipts taper off in May

OKLAHOMA (OBV) – Oklahoma’s gross receipts to the State Treasury tapered off in May due to a decline in energy prices.

The 12-month gross receipt total hit a high water mark in March with $17.64 billion, but the 12-month total declined $146 million to $17.48 billion in May, according to the Oklahoma State Treasurer’s Office.

May’s 12-month total was also less than April’s $17.49 billion in gross receipts.

The month of May by itself had $1.28 billion in gross collections, a $15.6 million (1.2 percent) decline from May 2022.

“This monthly comparison includes a drop in oil and gas production revenue of $68 million, or 41.9 percent,” Treasurer’s Office officials said.

However, May’s gross income tax collections, a combination of individual and corporate income taxes, improved, generating $391.1 million, an increase of $34.1 million (9.6 percent) from the same month the previous year.

May also saw $340.4 million in individual income tax collections, up $26.2 million (8.3 percent) from last May, and $50.7 million in corporate tax collections, up $7.9 million (18.5 percent).

Combined sales and use tax collections for May came in at $577.4 million, an $11.8 million increase (2.1 percent) from the previous year. Sales tax collections accounted for $491.4 million, which is $5.9 million (1.2 percent) higher than last May. Use tax receipts for out-of-state purchases, including internet sales, generated $86.1 million, $5.9 million (7.4 percent) over last May.

Other notable May collection figures include the following:

• $94.1 million in gross production taxes on oil and natural gas, a $68 million (41.9 percent) decrease;
• $84.9 million in motor vehicle taxes, a $9.7 million (12.9 percent) increase; and,
• $136.9 million in other collections from around 60 different sources, a $3.2 million (2.3 percent) decrease.