OKLAHOMA (OBV) – Oklahoma’s tax divisions saw increases across the board in April.
April’s tax sources totaled $1.96 billion, up $57.7 million (3 percent) compared to March, 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 April totaled $16.91 billion, a decrease of $584.6 million (3.3 percent) when compared to the 12-month revenue in April 2023.
The gross production tax (GPT) decreased $853.3 million (43.2 percent) for the same 12-month period. Sales/use tax, however, rose 2.6 percent. The motor vehicle tax increased 3.2 percent.
April 2024 gross receipt collections compared to April 2023 gross receipts are as follows:
- Total monthly gross collections were $1.96 billion, up by $57.7 million (3 percent) from April 2023.
- Gross income tax collections, a combination of individual and corporate income taxes, generated $1.6 billion, an increase of $42 million (4.4 percent).
- Individual income tax collections totaled $790.9 million, up by $45.2 million (6.1 percent).
- Corporate taxes were $215.4 million, down by $3.1 million (1.4 percent).
- Combined sales and use tax collections – including remittances on behalf of cities and counties – totaled $605.6 million, a decrease of $6.9 million (1.1 percent).
- Sales tax revenues were $504.4 million, down by $10.7 million (2.1 percent).
- Use tax receipts, collected on out-of-state purchases including internet sales, generated $101.3 million, up by $3.8 million (3.9 percent).
- Gross production taxes on oil and natural gas totaled $90.7 million, an increase of $3.2 million (3.7 percent).
- Motor vehicle taxes produced $92 million, an increase of $23.9 million (35.1 percent).
- Other collections, composed of 60 different sources, produced $162.3 million, a decrease of $4.7 million (2.8 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 $16.91 billion, $584.61 million (3.3 percent) below collections from the same 12-month period last year.
- Gross income taxes – the individual and corporate income tax combined – generated $6.1 billion, up $152.7 million (2.6 percent).
- Individual income tax collections totaled $5.2 billion, up by $192.4 million (3.9 percent).
- Corporate collections were $932.3 million, down by $39.7 million (4.1 percent).
- Combined sales and use taxes – including city and county remittances – produced $7.1 billion, an increase of $113.3 million (1.6 percent).
- Gross sales tax receipts totaled $5.9 billion, up by $28.3 million (0.5 percent).
- Use tax collections – received on out-of-state and internet purchases – generated $1.2 billion, an increase of $85 million (7.8 percent).
- Oil and gas gross production tax collections were $1.12 billion, a decrease of $853.3 million (43.2 percent).
- Motor vehicle collections totaled $903.9 million, up $27.8 million (3.2 percent).
- 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 fell to 3.5 percent for March. The national unemployment rate decreased to 3.8 percent for March.
- The consumer price index remained at 0.4 percent in March.
- The index for shelter rose in March, as did the index for gasoline. The two indexes combined contributed over half of the monthly increase in the index for all items.
- The food index rose 0.1percent in March. The food at home index was unchanged, while the food away from home index increased 0.3 percent over the month. The index for all items less food and energy rose 0.4 percent in March, as it did in each of the two preceding months.
- The shelter, motor vehicle insurance, medical care, apparel and personal care indexes all increased in March. The used cars and trucks, recreation and new vehicle indexes, however, decreased over the month.
- The all items index increased 3.5 percent for the 12 months ending March, a higher increase than the 3.2 percent increase for the 12 months ending February.
