OKLAHOMA (OBV) – Oklahoma’s 12-month gross receipt collection saw an upswing in September, outpacing September of last year’s 12-month revenue.
Despite the state continuing to see a downward trend from March’s annual record high of $17.64 billion, the $17.14 billion 12-month total in September is $110.66 million (0.6 percent) higher than the 12-month revenue from the same point last year, according to State Treasurer Todd Russ’ office.
September’s gross receipts amounted to $1.475 billion, which is $225 million (18 percent) more than August’s $1.25 billion.
However, total gross receipts for the single month of September – $1.475 billion – were down $113.6 million (7.1 percent) compared to last September.
Gross production taxes from energy companies declined from $184.7 million to $93.4 million, a $91.3 million (49.4 percent) drop.
September 2023 gross receipt collections compared to September 2022 gross receipts are as follows:
- Total monthly gross collections were $1.475 billion, down by $113.6 million (7.1 percent).
- Gross income tax collections, a combination of individual and corporate income taxes, generated $566.4 million, a decrease of $34.9 million (5.8 percent).
- Individual income tax collections totaled $400.5 million, down by $3.7 million (0.9 percent).
- Corporate taxes are $165.8 million, down by $31.2 million (15.9 percent).
- Combined sales and use tax collections – including remittances on behalf of cities and counties – totaled $602.3 million, an increase of $19 million (3.3 percent).
- Sales tax revenues were $508.9 million, up by $13 million (2.6 percent).
- Use tax receipts, collected on out-of-state purchases including internet sales, generated $93.4 million, up by $5.9 million (6.8 percent).
- Gross production taxes on oil and natural gas totaled $93.4 million, a decrease of $91.3 million (49.4 percent).
- Motor vehicle taxes produced $72 million, a decrease of $2 million (2.7 percent).
- Other collections, composed of around 60 different sources, produced $141.5 million, a decrease of $4.4 million (3 percent).
Twelve-month gross receipts as of September compared to last year at the same point are as follows:
- Gross revenue totals $17.14 billion, $110.66 million (0.6 percent) above collections from the previous 12 months.
- Gross income taxes generated $6.01 billion, an increase of $87.3 million (1.5 percent).
- Individual income tax collections totaled $5.05 billion, up by $158.4 million (3.2 percent).
- Corporate collections were $954.2 million, down by $71.1 million (6.9 percent).
- Combined sales and use taxes produced $7.1 billion, an increase of $360.1 million (5.3 percent).
- Gross sales tax receipts totaled $5.98 billion, up by $265.6 million (4.6 percent).
- Use tax collections generated $1.1 billion, an increase of $94.6 million (9.2 percent).
- Oil and gas gross production tax collections were $1.52 billion, a decrease of $294.3 million (16.2 percent).
- Motor vehicle collections totaled $876.3 million, up by $0.5 million (0.1 percent).
- Other sources generated $1.64 billion, down by $42.9 million (2.6 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.
The Oklahoma Treasurer’s Office report included indicators that factored into the gross receipts. Those indicators are as follows:
- The national jobless rate increased to 3.8 percent in August, a 0.3 percent rise from the previous month. Oklahoma’s unemployment rose slightly to 2.8 percent in August.
- The annual inflation rate rose to 3.7 percent in August, according to Consumer Price Index measurements reported by the U.S. Bureau of Labor Statistics. The index’s energy component showed a 3.6 percent decline over the year, but the food index stayed higher than the overall inflation rate, ending August at 4.3 percent.
- Regional economic trends continue show cautious optimism. The Creighton University Mid-America Business Conditions Index for the nine-state region increased from 49.5 to 52.5 in September, exceeding growth neutral. Oklahoma’s component in the index showed solid growth in September, improving from 46.9 percent in August to 53.7 percent in September.