OKLAHOMA (OBV) – Gross receipts for the last 12 months were down compared to last year in Oklahoma, but tax revenues are growing.
September’s total revenue came in at $1.49 billion, a $17.6 million (1.2 percent) increase over September 2023’s total revenue, according to a report from the Office of the State Treasurer.
Receipts for the last 12 months through September amounted to $16.97 billion, a $173.18 million (1 percent) decrease from last year’s receipts for the same 12-month period.
The gross production tax (GPT) for September came to $85.4 million, up $1.5 million (1.81 percent) over the previous month.
Total income tax increased 63.6 percent. Total sales/use tax decreased 2.3 percent. The motor vehicle tax fell 4.8 percent. Other sources had a 0.7 percent increase.
State Treasurer Todd Russ said Oklahoma’s tax revenues have grown steadily over the past 12 months.
“Our state’s revenue growth over the past month reflects a strong and resilient economy, despite national and global uncertainties. With a 17.1% increase in total revenue, driven by robust income tax and corporate profits, Oklahoma is in a solid financial position to continue investing in our future.” Russ said. “This is a critical time for Oklahoma to make sound financial decisions—ensuring we maintain a balanced budget while preparing for any economic shifts. Our priority is to safeguard the economic well-being of our citizens by supporting industries that keep our state strong and continuing to diversify our revenue sources for long-term stability.”
September 2024 gross receipt collections compared to September 2023 gross receipts are as follows:
- Total monthly gross collections came in at $1.49 billion, up by $17.6 million (1.2 percent) from September 2023.
- Gross income tax collections, a combination of individual and corporate income taxes, generated $600.9 million, an increase of $34.5 million (6.1 percent).
- Individual income tax collections totaled $436.4 million, an increase of $35.9 million (9 percent).
- Corporate taxes were $164.5 million, down by $1.3 million (0.8 percent).
- Combined sales and use tax collections – including remittances on behalf of cities and counties – totaled $592.2 million, an $10.1 million (1.7 percent) decrease.
- Sales tax revenues were $499.9 million, down by $9 million (1.8 percent).
- Use tax receipts, collected on out-of-state purchases including internet sales, generated $92.3 million, down by $1.1 million (1.2 percent).
- Gross production taxes on oil and natural gas totaled $85.4 million, a decrease of $8 million (8.5 percent).
- Motor vehicle taxes produced $76.1 million, an increase of $4.1 million (5.6 percent).
- Other collections, composed of 60 different sources, produced $138.7 million, a decrease of $2.9 million (2 percent).
Twelve-month gross receipts as of September compared to last year at the same point are as follows:
- Gross revenue totals for the past 12 months were $16.97 billion, $173.2 million (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 $211.2 million (3.5 percent).
- Individual income tax collections totaled $5.3 billion, up by $256.2 million (5.1 percent).
- Corporate collections were $909.2 million, down by $45 million (4.7 percent).
- Combined sales and use taxes – including city and county remittances – produced $7.1 billion, an increase of $10.4 million (0.1 percent).
- Gross sales tax receipts totaled $5.9 billion, down by $65 million (1.1 percent).
- Use tax collections – received on out-of-state and internet purchases – generated $1.2 billion, an increase of $75.5 million (6.7 percent).
- Oil and gas gross production tax collections were $1.1 billion, a decrease of $431.7 million (28.4 percent).
- Motor vehicle collections totaled $912.1 million, up $35.8 million (4.1 percent).
- Other sources, including 70 different revenue streams, generated $1.64 billion, down by $173.2 million (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 August, up 0.1 percent from July. The national unemployment rate for August was an adjusted rate of 4.2 percent, decreasing 0.1 percent from July.
- The consumer price index increased 0.2 percent in August, after increasing 0.2 percent in July.
- The food index increased 2.1 percent over last year.
- The food away from home index rose 0.3 percent over the month, while the food at home index was unchanged.
- The all items index rose 2.5 percent for the 12 months ending August, the smallest 12-month increase since February 2021.
- The all items less food and energy index climbed 3.2 percent over the last 12 months.
- The energy index decreased 4 percent for the 12 months ending August.
