OKLAHOMA (OBV) – Oklahoma’s state treasurer says a slowing economy caused the state to experience a decline in gross receipt totals in August.
Total monthly gross receipt collections in August were $1.25 billion, according to a report issued by State Treasurer Todd Russ.
This past August’s gross receipts were $121.8 million (8.9 percent) less than the gross receipts from August of last year.
Gross production taxes from energy companies decreased $123.3 million (60 percent), falling from $205.6 million to $82.3 million, according to a report issued by Russ’ office.
August’s gross receipts collection is $66.2 million (5 percent) less than July’s collection of $1.317 billion.
The combined 12-month gross receipt total was $17.26 billion, $434.44 million (2.6 percent) above collections from the previous 12 months, according to the Oklahoma State Treasurer’s Office. The 12-month total hit a record high in March with $17.64 billion.
August 2023 gross receipt collections compared to August 2022 gross receipts are as follows:
- Total monthly gross collections were $1.25 billion, down by $121.8 million (8.9 percent).
- Gross income tax collections, a combination of individual and corporate income taxes, generated $366.6 million, an increase of $4 million (1.1 percent).
- Individual income tax collections totaled $351.5 million, up by $5 million (1.5 percent).
- Corporate collections are $15.1 million, down by $1 million (6.3 percent).
- Combined sales and use tax collections – including remittances on behalf of cities and counties – totaled $597.3 million, an increase of $7.4 million (1.2 percent).
- Sales tax collections were $501.7 million, up by $1.1 million (0.2 percent).
- Use tax receipts, collected on out-of-state purchases including internet sales, generated $95.6 million, up by $6.3 million (7 percent).
- Gross production taxes on oil and natural gas totaled $82.3 million, a decrease of $123.3 million (60 percent).
- Motor vehicle taxes produced $75.7 million, a decrease of $1.4 million (1.8 percent).
- Other collections, composed of some 60 different sources, produced $128.7 million, a decrease of $8.6 million (6.2 percent).
Twelve-month gross receipts as of August compared to last year at the same point are as follows:
- Gross revenue totals $17.26 billion, $434.44 million (2.6 percent) above collections from the previous 12 months.
- Gross income taxes generated $6.04 billion, an increase of $193.5 million (3.3 percent).
- Individual income tax collections totaled $5.06 billion, up by $193 million (4 percent).
- Corporate collections were $985.4 million, up by $0.5 million, less than 0.1 percent.
- Combined sales and use taxes produced $7.1 billion, an increase of $392.7 million (5.9 percent).
- Gross sales tax receipts totaled $5.97 billion, up by $292.4 million (5.1 percent).
- Use tax collections generated $1.1 billion, an increase of $100.3 million (9.9 percent).
- Oil and gas gross production tax collections are $1.61 billion, a decrease of $124.4 million (7.2 percent).
- Motor vehicle collections totaled $878.3 million, up by $5.8 million (0.7 percent).
- Other sources generated $1.64 billion, down by $33.2 million (2 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.