OKLAHOMA (OBV) – Oklahoma’s total revenue for June saw a significant rise from the previous month. However, it’s a decrease from last June’s total revenue.
Total revenue increased more than $124 million in June from the month of May’s revenue, coming in at $1.43 billion, according to a report from State Treasurer Todd Russ’ office.
However, that total is down $44.8 million (3 percent) from the total revenue of June 2023.
Receipts for the last 12 months through June came to $16.88 billion, a $555.5 million (3.2 percent) decrease from the 12-month total from last June.
The gross production tax (GPT) totaled $1.1 billion, down $734.2 million (40 percent) for the same 12-month period last year.
Total income tax rose 2.5 percent. Total sales/use tax increased 1.5 percent. The motor vehicle tax grew 3.2 percent.
June 2024 gross receipt collections compared to June 2023 gross receipts are as follows:
- Total monthly gross collections were $1.43 billion, down by $44.8 million (3 percent) from June 2023.
- Gross income tax collections, a combination of individual and corporate income taxes, generated $535.9 million, a decrease of $22.7 million (4.1 percent).
- Individual income tax collections totaled $404.1 million, down by $9.1 million (2.2 percent).
- Corporate taxes were $131.7 million, down by $13.6 million (9.4 percent).
- Combined sales and use tax collections – including remittances on behalf of cities and counties – totaled $601.9 million, a decrease of $3.9 million (0.6 percent).
- Sales tax revenues were $503.7 million, down by $8.5 million (1.7 percent).
- Use tax receipts, collected on out-of-state purchases including internet sales, generated $98.2 million, up by $4.7 million (5 percent).
- Gross production taxes on oil and natural gas totaled $83.1 million, a decrease of $15 million (15.2 percent).
- Motor vehicle taxes produced $76.1 million, a decrease of $1.2 million (1.6 percent).
- Other collections, composed of 60 different sources, produced $132.4 million, a decrease of $2 million (1.5 percent).
Twelve-month gross receipts as of June compared to last year at the same point are as follows:
- Gross revenue totals for the past 12 months were $16.88 billion, $555.5 million (3.2 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 $112.5 million (1.9 percent).
- Individual income tax collections totaled $5.2 billion, up by $185.8 million (3.7 percent).
- Corporate collections were $912 million, down by $73.3 million (7.4 percent).
- Combined sales and use taxes – including city and county remittances – produced $7.1 billion, an increase of $74.9 million (1.1 percent).
- Gross sales tax receipts totaled $5.9 billion, down by $6.6 million (1.1 percent).
- Use tax collections – received on out-of-state and internet purchases – generated $1.2 billion, an increase of $81.6 million (7.4 percent).
- Oil and gas gross production tax collections were $1.1 billion, a decrease of $734.2 million (40 percent).
- Motor vehicle collections totaled $898.2 million, up $16.2 million (1.8 percent).
- Other sources, including 70 different revenue streams, generated $1.63 billion, down by $24.9 million (1.5 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 May, continuing a three month streak. The national unemployment rate for May was 4.0 percent, increasing 0.1 percent for two consecutive months.
- The consumer price index was unchanged in May, after rising 0.3 percent in April.
- The index for shelter rose in May, up 0.4 percent for the fourth consecutive month, offsetting a decline in gasoline.
- The energy index fell 2 percent over the month, led by a 3.6 percent decrease in the gasoline index. However, the energy index rose 3.7 percent for the 12 months ending in May.
- The all items index rose 3.3 percent for the 12 months ending in May, a slighter increase than the 3.4 percent increase for the 12 months ending in April. The all items less food and energy index rose 3.4 percent of the last 12 months.
- The food index increased 0.1 percent. The food at home index was unchanged, while the food away from home index increased 0.4 percent over the month. The food index increased 2.1 percent over the last year.
