OKLAHOMA (OBV) – Oklahoma’s gross receipts show that the total revenue from all tax sources in January is over $100 million higher than January 2023’s total.
All tax sources amounted to $1.51 billion last month, a $107 million (7.6 percent rise) from January of last year, according to officials with the Oklahoma Treasurer’s Office.
However, gross production tax (GPT) revenue dropped $12.8 million (12.4 percent) compared to last month.
Gross receipts for the last 12 months came in at $16.92 billion – $555 million (3.2 percent) less than the 12-month revenue from last January.
“Declining tax revenue from oil and gas production, continues to push total gross receipts revenues down while all other categories are up for the month,” the Treasurer Office’s report states.
January 2024 gross receipt collections compared to January 2023 gross receipts are as follows:
- Total monthly gross collections were $1.51 billion, down by $34.5 million (2.2 percent).
- Gross income tax collections, a combination of individual and corporate income taxes, generated $590.8 million, an increase of $40.3 million (7.3 percent).
- Individual income tax collections totaled $513.5 million, up by $31.3 million (6.5 percent).
- Corporate taxes are $77.2 million, up by $9.1 million (13.3 percent).
- Combined sales and use tax collections – including remittances on behalf of cities and counties – totaled $626.1 million, a decline of $3.3 million (0.5 percent).
- Sales tax revenues were $504.7 million, down by $10.5 million (2 percent).
- Use tax receipts, collected on out-of-state purchases including internet sales, generated $121.4 million, up by $7.2 million (6.3 percent).
- Gross production taxes on oil and natural gas totaled $90.1 million, a decrease of $63 million (41.2 percent).
- Motor vehicle taxes produced $66.1 million, a decrease of $8 million (10.8 percent).
- Other collections, composed of 60 different sources, produced $141.3 million, a decrease of $34.5 million (2.2 percent).
Twelve-month gross receipts as of January compared to last year at the same point are as follows:
- Gross revenue totals $16.92 billion, $555 million (3.2 percent) below collections from the previous 12 months.
- Gross income taxes – the individual and corporate income tax combined – generated $6.07 billion, an increase of $37.1 million (0.6 percent).
- Individual income tax collections totaled $5.12 billion, up by $80.2 million (1.6 percent).
- Corporate collections were $957.3 million, down by $43.1 million (4.3 percent).
- Combined sales and use taxes produced $7.13 billion, an increase of $223.3 million (3.2 percent).
- Gross sales tax receipts totaled $5.97 billion, up by $128.7 million (2.2 percent).
- Use tax collections generated $1.5 billion, an increase of $94.5 million (8.9 percent).
- Oil and gas gross production tax collections were $1.23 billion, a decrease of $770.8 million (38.7 percent).
- Motor vehicle collections totaled $865.7 million, down by $10 million (1.1 percent).
- Other sources generated $1.63 billion, down by $34.8 million (2.1 percent).
The monthly gross receipts report provides a broad look at the state’s economy.
Less than half of the state’s gross receipts go 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:
- Oklahoma’s unemployment rose, hitting 3.4 percent in January. The national unemployment rate remained at 3.7 percent.
- The annual inflation rate rose to 3.4 percent in January, according to Consumer Price Index measurements reported by the U.S. Bureau of Labor Statistics.
- Energy prices showed a decline, falling 2 percent in 2023, after increasing 7.3 percent in 2022.
- Prices for four of the six major food at home groups rose from 2022 to 2023.
- New vehicle costs increased 1 percent in 2023, compared with a 5.9 percent increase in 2022.
- Medical care prices increased 0.5 percent in 2023, following an increase of 4 percent in 2022.
