OKLAHOMA (OBV) – Oklahoma’s tax sources were up in March, except for the gross production tax.
Tax sources in March amounted to $1.34 billion, up $153.3 million (12.8 percent) compared to February, according to Oklahoma State Treasurer Todd Russ’ report for gross receipt totals for the month of March.
The report shows that receipts for the last 12 months through March totaled $16.85 billion, a decrease of $787 million (4.5 percent) when compared to the 12-month revenue in March 2023.
The gross production tax also fell, decreasing $901.2 million (44.6 percent) for the same 12-month period. However, sales/use tax increased 2.1 percent.
March 2024 gross receipt collections compared to March 2023 gross receipts are as follows:
- Total monthly gross collections were $1.34 billion, down by $55.9 million (4 percent) from March 2023.
- Gross income tax collections, a combination of individual and corporate income taxes, generated $482.5 million, a decrease of $17.7 million (3.5 percent).
- Individual income tax collections totaled $426.8 million, down by $4.7 million (1.1 percent).
- Corporate taxes were $55.8 million, down by $13 million (18.9 percent).
- Combined sales and use tax collections – including remittances on behalf of cities and counties – totaled $569.8 million, an increase of $13.9 million (2.5 percent).
- Sales tax revenues were $477.8 million, up by $7.7 million (1.6 percent).
- Use tax receipts, collected on out-of-state purchases including internet sales, generated $92 million, up by $6.1 million (7.2 percent).
- Gross production taxes on oil and natural gas totaled $82.7 million, a decrease of $73.9 million (47.2 percent).
- Motor vehicle taxes produced $85 million, an increase of $5.8 million (7.3 percent).
- Other collections, composed of 60 different sources, produced $123.7 million, a decrease of $16 million (14.9 percent).
Twelve-month gross receipts as of March compared to last year at the same point are as follows:
- Gross revenue totals for the past 12 months were $1.34 billion, $55.9 million (4 percent) below collections from the same 12-month period last year.
- Gross income taxes – the individual and corporate income tax combined – generated $6.07 billion, a decrease of $22.6 million (0.4 percent).
- Individual income tax collections totaled $5.14 billion, up by $51.3 million (1 percent).
- Corporate collections were $935.5 million, down by $73.9 million (7.3 percent).
- Combined sales and use taxes – including city and county remittances – produced $7.13 billion, an increase of $148 million (2.1 percent).
- Gross sales tax receipts totaled $5.97 billion, up by $61 million (1 percent).
- Use tax collections – received on out-of-state and internet purchases – generated $1.17 billion, an increase of $87 million (8.1 percent).
- Oil and gas gross production tax collections were $1.12 billion, a decrease of $901.2 million (44.6 percent).
- Motor vehicle collections totaled $880 million, the same as the previous year.
- Other sources, including 70 different revenue streams, generated $1.64 billion, down by $11.1 million (0.7 percent).
The monthly gross receipts report provides a broad look at the state’s economy.
Less than half of the state’s gross receipts 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 to 3.6 percent in February. The national unemployment rate rose to 3.9 percent after being at 3.7 percent for three months.
- Consumer prices rose to 0.4 percent in February from 0.3 percent in January.
- The index for shelter and gasoline contributed over 60 percent of the monthly increase. Energy prices showed a 2.3 percent rise over the last month. Gasoline of all types rose 3.8 percent. Shelter decreased 0.4 percent.
- The index for food and food at home did not change. The food away from home index rose 0.1 percent over the month. The index for all items less food and energy increased 0.4 percent in February, the same as in January.
- The index for airline fares increased 3.6 percent in February after a 1.4 percent increase in January.
- February’s increased indexes include shelter, airline fares, motor vehicle insurance, apparel and recreation. The personal care index and the household furnishings and operations index decreased in February.
Oklahoma Business Conditions Index information:
- Oklahoma’s Business Conditions Index expanded to 53.3 from February’s 46.9 and January’s 48.7.
- New orders for March were at 48.6; production or sales at 51.3; delivery lead time at 55.4; inventories at 60.3; and employment at 50.7.
- Oklahoma’s job openings were 1.7 job openings for every unemployed worker in the state, down from 2.5 openings for each unemployed worker recorded 12 months earlier.
