OKLAHOMA (OBV) – Oklahoma’s total revenue for July was higher than last July’s total revenue, but saw a drop in gross receipts for the 12-month period compared to last year.
July’s gross receipts totaled $1.36 billion, which is $44 million (3.3 percent) more than last July’s gross receipt total, according to a report from State Treasurer Todd Russ’ office.
Receipts for the last 12 months through July totaled $16.93 billion, a $450.45 million (2.6 percent) decrease from revenue from the same 12-month period last year.
The gross production tax (GPT) totaled $1.1 billion, down $639.9 million (37 percent) for the same 12-month period last year.
Total income tax rose 2.4 percent. Total sales/use tax increased 0.5 percent. The motor vehicle tax grew 2.7 percent. Other sources showed a 1.1 percent decrease.
July 2024 gross receipt collections compared to July 2023 gross receipts are as follows:
- Total monthly gross collections were $1.36 billion, down by $44 million (3.3 percent) from July 2023.
- Gross income tax collections, a combination of individual and corporate income taxes, generated $445.8 million, an increase of $53.2 million (13.5 percent).
- Individual income tax collections totaled $421.8 million, a climb of $57.4 million (15.7 percent).
- Corporate taxes were $24 million, down by $4.2 million (14.9 percent).
- Combined sales and use tax collections – including remittances on behalf of cities and counties – totaled $601.4 million, a decrease of $12.7 million (2.1 percent).
- Sales tax revenues were $503.1 million, down by $17.9 million (3.4 percent).
- Use tax receipts, collected on out-of-state purchases including internet sales, generated $98.3 million, up by $5.3 million (5.7 percent).
- Gross production taxes on oil and natural gas totaled $83.7 million, a decrease of $4.6 million (5.2 percent).
- Motor vehicle taxes produced $80.4 million, an increase of $5.5 million (7.4 percent).
- Other collections, composed of 60 different sources, produced $149.5 million, an increase of $2.5 million (1.7 percent).
Twelve-month gross receipts as of July compared to last year at the same point are as follows:
- Gross revenue totals for the past 12 months were $16.93 billion, $450.5 million (2.6 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 $145.1 million (2.4 percent).
- Individual income tax collections totaled $5.2 billion, up by $223.7 million (4.4 percent).
- Corporate collections were $907 million, down by $78.7 million (8 percent).
- Combined sales and use taxes – including city and county remittances – produced $7.1 billion, an increase of $38.3 million (0.5 percent).
- Gross sales tax receipts totaled $5.9 billion, down by $42.6 million (0.7 percent).
- Use tax collections – received on out-of-state and internet purchases – generated $1.2 billion, an increase of $80.9 million (7.3 percent).
- Oil and gas gross production tax collections were $1.1 billion, a decrease of $639.9 million (36.9 percent).
- Motor vehicle collections totaled $903.7 million, up $24 million (2.7 percent).
- Other sources, including 70 different revenue streams, generated $1.63 billion, down by $17.9 million (1.1 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 rate was 3.4 percent in June, down 0.1 percent from May. The national unemployment rate for July was 4.3 percent, increasing 0.2 percent from June.
- The consumer price index declined 0.1 percent in June, after going unchanged in May.
- The index for gasoline fell 3.8 percent in June, after declining 3.6 percent in May, more than offsetting an increase in shelter.
- The energy index fell 2 percent over the month, as it had the previous month.
- The index for food increased 0.2 percent in June.
- The food away from home index rose 0.4 percent over the month, while the food at home index increased 0.1 percent.
- The all items index rose 3 percent for the 12 months ending June, a smaller increase than the 3.3 percent increase for the 12 months ending in May.
- The all items less food and energy index climbed 3.3 percent over the last 12 months and was the smallest 12-month increase in that index since April 2021.
- The energy index increased 1 percent for the 12 months ending in June.
