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.