OK’s Gross Receipts at Record High, State Treasurer says
Beverly Cantrell - October 6, 2021 12:36 pm
OKLAHOMA CITY (KOKH) — State Treasurer Randy McDaniel announced today that Oklahoma’s Gross Receipts hit a record high as collections from the past 12 months topped $14.5 billion.
Gross receipts for the month also set a record high, reaching $1.38 billion, which exceeded results from September of last year by 20 percent.
“Gross receipts show improvement across the board with every revenue source producing strong results,” McDaniel said. “The revenue report, coupled with low unemployment, reflect the health status of the state economy.”
In the month of September, combine sales and use taxes, along with total income and motor vehicle taxes, each grew by double digits. The gross production tax on oil and gas is up during the month by almost 130% as commodity prices continue to rise.
According to the news release, McDaniel says that September gross production collections are from oil field activity in July, when West Texas Intermediate Crude Oil at Cushing averaged $72.49 per barrel–the highest price since November 2014.
McDaniel says that in these past 12 months, all revenue streams are showing a healthy growth with gross production receipts, up by 32% over the previous period.
The Oklahoma Business Conditions Index for September indicates economic growth to come within the coming months.
The U.S. Bureau of Labor Statistics reported the August unemployment rate in Oklahoma as 3.2%. The state’s jobless rate was down from 3.5% in July and 6.3% in August 2020. The U.S. unemployment rate was set at 5.2% in August of this year.
Compared to gross receipts from September 2020, the collections in September 2021 show:
- Total monthly gross collections are $1.38 billion, which is up by 20%.
- Gross income tax collections, a combination of individual and corporate income taxes, generated $530 million, which is up by 17.1%.
- Individual income tax collections are $373.3 million, up by 7.8%.
- Corporate collections are $156.7 million, up by 47.3%.
- Combined sales and use tax collections, including remittances on behalf of cities and counties, total $531.8 million, up by 16.2%.
- Sales tax collections total $456 million, an increase of 16%.
- Use tax receipts, collected on out-of-state purchases including internet sales, generate $75.8 million, an increase of 17.1%.
- Gross production taxes on oil and natural gas total $106.1 million, up by 128.7%.
- Motor vehicle taxes produced $70.7 million, increasing by 19.9%.
- Other collections composed of some 60 different sources, including taxes on fuel, tobacco, medical marijuana, and alcoholic beverages, produced $140.5 million, up by 5.3%.
- The medical marijuana tax produced $5.4 million, increasing 1.2% from September of last year.
The monthly Gross Receipts to the Treasury report, developed by the state treasurer’s office, provides a timely and broad view of the state’s economy.
To view charts and graphs reflecting this data, click here.