• Contact
Saturday, June 21, 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
    Preparations underway for 2028 Summer Olympics in OKC

    Preparations underway for 2028 Summer Olympics in OKC

    NEW YORK, USA, JUN 18, 2020: Oklahoma City Thunder Basketball club on the white screen. Silhouette of NBA trophy in foreground.

    Oklahoma City Council approves agreements to keep Thunder in OKC

    Downtown Tulsa Oklahoma Skyline Route 66

    Oklahoma Business Roundtable delves into Business Leaders Poll results

    Photo from Greater OKC Chamber

    InternOKC continues equipping young Oklahomans with skills to succeed

  • 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
    Preparations underway for 2028 Summer Olympics in OKC

    Preparations underway for 2028 Summer Olympics in OKC

    NEW YORK, USA, JUN 18, 2020: Oklahoma City Thunder Basketball club on the white screen. Silhouette of NBA trophy in foreground.

    Oklahoma City Council approves agreements to keep Thunder in OKC

    Downtown Tulsa Oklahoma Skyline Route 66

    Oklahoma Business Roundtable delves into Business Leaders Poll results

    Photo from Greater OKC Chamber

    InternOKC continues equipping young Oklahomans with skills to succeed

  • Sign UpNEW
  • About
  • Contact
  • Advertise With Us!
No Result
View All Result
Oklahoma Business Voice
No Result
View All Result
Home News Finance
Oklahoma gross receipts taper off in May

Lower oil, gas collections cause gross receipt decline in Oklahoma

Hicham Raache by Hicham Raache
September 8, 2023
in Finance, News
Reading Time: 3 mins read
Share on FacebookShare on Twitter

OKLAHOMA (OBV) – Gross receipts to the Oklahoma State Treasury were down in July because of lower oil and gas collections, according to State Treasurer Todd Russ.

Gross receipt totals dropped $61.1 million (4.4 percent) in July 2023 when compared to July 2022. Gross production taxes from energy production fell from $187.2 million in July 2023 to $88.3 million in July 2022, a $98.9 million (52.8 percent) decline, according to a report issued by Russ’ office.

The combined 12-month gross receipt total hit a record high in March with $17.64 billion, but has since trended downward. The 12-month total was $17.38 billion in July, however, that is $758.07 million (4.6 percent) higher than the 12-month total from last July 2022, according to the Oklahoma State Treasurer’s Office.

July 2023 gross receipt collections compared to July 2022 gross receipts are as follows:

  • Total monthly gross collections are $1.32 billion, down by $61.1 million, or 4.4 percent.
  • Gross income tax collections, a combination of individual and corporate income taxes, generated $392.6 million, an increase of $20.5 million, or 5.5 percent.
    • Individual income tax collections total $364.4 million, up by $19.4 million, or 5.6 percent.
    • Corporate collections are $28.2 million, up by $1.2 million, or 4.3 percent.
  • Combined sales and use tax collections – including remittances on behalf of cities and counties – total $614.1 million, an increase of $23.9 million, or 4.1 percent.
    • Sales tax collections are $521.0 million, up by $18.0 million, or 3.6 percent.
    • Use tax receipts, collected on out-of-state purchases including internet sales, generated $93.0 million, up by $5.9 million, or 6.8 percent. 
  • Gross production taxes on oil and natural gas total $88.3 million, a decrease of $98.9 million, or 52.8 percent.
  • Motor vehicle taxes produced $74.9 million, a decrease of $2.3 million, or 3.0 percent.
  • Other collections composed of some 60 different sources produced $147.0 million, a decrease of $4.4 million, or 2.9 percent.

Twelve-month gross receipts as of July compared to last year at the same point are as follows:

  • Gross revenue totals $17.38 billion. That is $758.1 million, or 4.6 percent, above collections from the previous 12 months.
  • Gross income taxes generated $6.04 billion, an increase of $241.3 million, or 4.2 percent.
    • Individual income tax collections total $5.05 billion, up by $239.9 million, or 5.0 percent.
    • Corporate collections are $986.4 million, up by $1.4 million, or 0.1 percent.
  • Combined sales and use taxes produced $7.1 billion, an increase of $436.6 million, or 6.6 percent.
    • Gross sales tax receipts total $5.97 billion, up by $325.3 million, or 5.8 percent.
    • Use tax collections generated $1.1 billion, an increase of $111.3 million, or 11.2 percent.
  • Oil and gas gross production tax collections are $1.74 billion, an increase of $101.4 million, or 6.2 percent.
  • Motor vehicle collections total $879.7 million, up by $6.6 million, or 0.8 percent.
  • Other sources generated $1.65 billion, down by $27.9 million, or 1.7 percent.

The monthly gross receipts report provides a broad look at the state’s economy.

Less than half of the state’s gross receipts goes to the General Revenue Fund, which is the state’s main operating account. The remainder is apportioned to other state funds, remitted to cities and counties and paid in rebates and refunds.

Tags: Gross ReceiptsOklahomaState Treasury
ShareTweetShare
Previous Post

New arena for Oklahoma City Thunder, big concert events key to OKC’s future success, OKC Chamber leader says

Next Post

Oklahoma Gov. Stitt offers compact extension to Cherokee Nation principal chief

Related Posts

Preparations underway for 2028 Summer Olympics in OKC
News

Preparations underway for 2028 Summer Olympics in OKC

June 20, 2025
NEW YORK, USA, JUN 18, 2020: Oklahoma City Thunder Basketball club on the white screen. Silhouette of NBA trophy in foreground.
News

Oklahoma City Council approves agreements to keep Thunder in OKC

June 18, 2025
Downtown Tulsa Oklahoma Skyline Route 66
News

Oklahoma Business Roundtable delves into Business Leaders Poll results

June 17, 2025
Photo from Greater OKC Chamber
News

InternOKC continues equipping young Oklahomans with skills to succeed

June 17, 2025
A rendering of what Kratos' facility in Bristow will look like. Image from Kratos
Aerospace

Kratos to build new jet engine production facility in Oklahoma

June 16, 2025
Image of Oklahoma City downtown skyline from drone
News

OESC: Bill signed by Gov. Stitt gives Oklahoma employers tax relief

June 16, 2025
Next Post
Oklahoma State Capitol

Oklahoma Gov. Stitt offers compact extension to Cherokee Nation principal chief

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.