OKLAHOMA (OBV) – Oklahoma’s tax divisions leveled off in May after seeing an across-the-board increase in April.
Gross receipts for the month of May were higher than those of last May, coming to $1.3 billion, $20.2 million (1.6 percent) higher than gross receipts from May 2023.
However, receipts for the last 12 months through May came to $16.93 billion, a $548.8 million (3.1 percent) decrease from the 12-month total from last May.
The gross production tax (GPT) decreased $792.4 million (41.5 percent) for the same 12-month period last year. However, in a month-to-month comparison, this month’s GPT is above last month’s.
Total income tax rose 2.5 percent. Total sales/use tax increased 1.5 percent. The motor vehicle tax grew 3.2 percent.
May 2024 gross receipt collections compared to May 2023 gross receipts are as follows:
- Total monthly gross collections were $1.3 billion, up by $20.2 million (1.6 percent) from May 2023.
- Gross income tax collections, a combination of individual and corporate income taxes, generated $425.1 million, an increase of $34 million (8.7 percent).
- Individual income tax collections totaled $381.2 million, up by $40.8 million (12 percent).
- Corporate taxes were $43.9 million, down by $6.8 million (13.3 percent).
- Combined sales and use tax collections – including remittances on behalf of cities and counties – totaled $582.5 million, a decrease of $5 million (0.9 percent).
- Sales tax revenues were $488 million, down by $3.4 million (0.7 percent).
- Use tax receipts, collected on out-of-state purchases including internet sales, generated $94.5 million, up by $8.4 million (9.8 percent).
- Gross production taxes on oil and natural gas totaled $87.1 million, a decrease of $7 million (7.5 percent).
- Motor vehicle taxes produced $80.4 million, a decrease of $4.5 million (5.3 percent).
- Other collections, composed of 60 different sources, produced $129.6 million, a decrease of $7.3 million (5.4 percent).
Twelve-month gross receipts as of May compared to last year at the same point are as follows:
- Gross revenue totals for the past 12 months were $16.93 billion, $548.8 million (3.1 percent) below collections from the same 12-month period last year.
- Gross income taxes – the individual and corporate income tax combined – generated $6.2 billion, up $152.6 million (2.5 percent).
- Individual income tax collections totaled $5.2 billion, up by $207 million (4.1 percent).
- Corporate collections were $925.6 million, down by $54.4 million (5.5 percent).
- Combined sales and use taxes – including city and county remittances – produced $7.1 billion, an increase of $106.5 million (1.5 percent).
- Gross sales tax receipts totaled $5.9 billion, up by $19 million (0.3 percent).
- Use tax collections – received on out-of-state and internet purchases – generated $1.2 billion, an increase of $87.5 million (8 percent).
- Oil and gas gross production tax collections were $1.12 billion, a decrease of $792.4 million (41.5 percent).
- Motor vehicle collections totaled $899.4 million, up $13.6 million (1.5 percent).
- Other sources, including 70 different revenue streams, generated $1.63 billion, down by $29.2 million (1.8 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 remained at 3.5 percent in April. The national unemployment rate for April returned to 3.9 percent after falling to 3.8 percent.
- The consumer price index decreased to 0.3 percent in April, after two months at 0.4 percent.
- The index for shelter rose in April, as did the index for gasoline. The two indexes combined contributed over 70 percent of the monthly increase in the index for all items.
- The energy index rose 1.1 percent over the month, while the food index remained unchanged. The food at home index dropped 0.2 percent, while the food away from home index grew 0.3 percent over the month.
- The shelter, motor vehicle insurance, medical care, apparel and personal care indexes all increased in April. The used cars and trucks, recreation and new vehicle indexes, however, decreased over the month.
- The all items index, less food and energy, rose 0.3 percent in April after rising 0.4 percent in each of the three preceding months.
