OKLAHOMA (OBV) – Oklahoma’s 12-month gross receipt totals saw a decline in February compared to revenue from the same point last year.
The office of Oklahoma State Treasurer Todd Russ issued his report for gross receipt totals for the month of February.
Russ reported that receipts for the last 12 months totaled $16.91 billion, a decrease of $714.54 million (4.1 percent) when compared to the 12-month revenue in February 2023.
Declining gross production tax (GPT) revenue pushed total gross receipts down.
The report states that GPT dropped to $836 million, a 41.2 percent decrease, in February. However, sales/use tax increased 2.4 percent, and income rose to .1 percent.
But GPT increased at $4.4 million (4.9 percent) in February after declining for two months.
Tax sources equaled $1.19 billion in February, a $323.9 million (21.4 percent) drop.
February 2024 gross receipt collections compared to February 2023 gross receipts are as follows:
- Total monthly gross collections were down by $16.4 million (1.4 percent).
- Gross income tax collections, a combination of individual and corporate income taxes, generated $385.2 million, an increase of $17.4 million (4.7 percent).
- Individual income tax collections totaled $367.8 million, up by $26.2 million (7.7 percent).
- Corporate taxes were $17.4 million, down by $6.9 million (33.6 percent).
- Combined sales and use tax collections – including remittances on behalf of cities and counties – totaled $519.1 million, a decline of $9.3 million (1.8 percent).
- Sales tax revenues were $436.8 million, down by $13.2 million (2.9 percent).
- Use tax receipts, collected on out-of-state purchases including internet sales, generated $83.3 million, up by $3.9 million (5 percent).
- Gross production taxes on oil and natural gas totaled $94.5 million, a decrease of $30.2 million (24.2 percent).
- Motor vehicle taxes produced $76.1 million, an increase of $8.5 million (12.6 percent).
- Other collections, composed of 60 different sources, produced $115.6 million, a decrease of $2.8 million (2.4 percent).
Twelve-month gross receipts as of February compared to last year at the same point are as follows:
- Gross revenue totals for the past 12 months were $714.5 million (4.1 percent) below collections from the same 12-month period last year.
- Gross income taxes – the individual and corporate income tax combined – generated $6.09 billion, an increase of $5.2 million (0.1 percent).
- Individual income tax collections totaled $5.15 billion, up by $67.4 million (1.3 percent).
- Corporate collections were $948.4 million, down by $62.2 million (6.2 percent).
- Combined sales and use taxes – including city and county remittances – produced $7.12 billion, an increase of $163.9 million (2.4 percent).
- Gross sales tax receipts totaled $5.96 billion, up by $72.9 million (1.2 percent).
- Use tax collections – received on out-of-state and internet purchases – generated $1.16 billion, an increase of $91.1 million (8.5 percent).
- Oil and gas gross production tax collections were $1.19 billion, a decrease of $836 million (41.2 percent).
- Motor vehicle collections totaled $874.2 million, down by $9.2 million (1 percent).
- Other sources, including 70 different revenue streams, generated $1.63 billion, down by $38.5 million (2.3 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 hit 3.4 percent. The national unemployment rate remained at 3.7 percent for two months.
- Consumer Price Index’s all items index fell to 3.1 percent in January.
- Energy prices showed a .9 percent decline with gas falling 3.3 percent, natural gas falling 2 percent, fuel oil dropping 4.5 percent and electricity increasing 1.2 percent.
- Twelve-month energy revenue is down 4.6 percent, with gas falling 6.4 percent, natural gas falling 17.8 percent, fuel oil dropping 14.2 percent and electricity increasing 3.8 percent.
Oklahoma Business Conditions Index information:
- Oklahoma’s Business Conditions Index sank below neutral for the third time in the past four months, falling to 46.9 from January’s 48.7.
- New orders for February were at 40.2; production or sales at 44.1; delivery lead time at 55.4; inventories at 52.7; and employment at 42.2.
- Oklahoma’s job openings sank by 14,000 (11.9 percent), and layoffs fell by 1,100 (19.5 percent).
