OKLAHOMA (OBV) – Oklahoma’s total revenue was higher in August compared to last August’s total revenue.
August saw a $24.2 million (1.9 percent) increase over last year. The state’s August gross receipts amounted to $1.27 billion, according to a report from the Office of the State Treasurer.
Receipts for the last 12 months through August totaled $16.95 billion, a $304.4 million (1.8 percent) decrease from revenue from the same 12-month period last year.
The gross production tax (GPT) for August came to $83.9 million, up $1.6 million (2 percent) over last August.
Total income tax rose 0.2 percent. Total sales/use tax increased 1.4 percent. The motor vehicle tax grew 5.7 percent. Other sources showed a 7 percent increase.
August 2024 gross receipt collections compared to August 2023 gross receipts are as follows:
- Total monthly gross collections were $1.27 billion, up by $24.2 million (1.9 percent) from August 2023.
- Gross income tax collections, a combination of individual and corporate income taxes, generated $367.4 million, an increase of $0.7 million (0.2 percent).
- Individual income tax collections totaled $349.5 million, a drop of $2.1 million (0.6 percent).
- Corporate taxes were $17.9 million, up by $2.8 million (18.4 percent).
- Combined sales and use tax collections – including remittances on behalf of cities and counties – totaled $605.9 million, an $8.6 million (1.4 percent) increase.
- Sales tax revenues were $502.4 million, up by $0.7 million (0.1 percent).
- Use tax receipts, collected on out-of-state purchases including internet sales, generated $103.5 million, up by $7.9 million (8.3 percent).
- Gross production taxes on oil and natural gas totaled $83.9 million, an increase of $1.6 million (2 percent).
- Motor vehicle taxes produced $80 million, an increase of $4.3 million (5.7 percent).
- Other collections, composed of 60 different sources, produced $137.7 million, an increase of $9 million (7 percent).
Twelve-month gross receipts as of August compared to last year at the same point are as follows:
- Gross revenue totals for the past 12 months were $16.95 billion, $304.4 million (1.8 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 $141.8 million (2.3 percent).
- Individual income tax collections totaled $5.2 billion, up by $216.6 million (4.3 percent).
- Corporate collections were $910 million, down by $74.9 million (7.6 percent).
- Combined sales and use taxes – including city and county remittances – produced $7.1 billion, an increase of $39.5 million (0.6 percent).
- Gross sales tax receipts totaled $5.9 billion, down by $43 million (0.7 percent).
- Use tax collections – received on out-of-state and internet purchases – generated $1.2 billion, an increase of $82.5 million (7.4 percent).
- Oil and gas gross production tax collections were $1.1 billion, a decrease of $515.1 million (31.9 percent).
- Motor vehicle collections totaled $908 million, up $29.7 million (3.4 percent).
- Other sources, including 70 different revenue streams, generated $1.64 billion, down by $0.4 million (0.02 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 3.5 percent in July, up 0.1 percent from June. The national unemployment rate for July was an adjusted rate of 4.3 percent, increasing 0.2 percent from June.
- The consumer price index increased 0.2 percent in July, after declining 0.1 percent in June.
- The energy index was unchanged after declining for two months.
- The index for food increased 0.2 percent in July.
- The food away from home index rose 0.2 percent over the month, while the food at home index increased 0.1 percent.
- The all items index rose 2.9 percent for the 12 months ending in July, the smallest 12-month increase since March 2021.
- 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 1.1 percent for the 12 months ending in July.
