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Gross Receipts to the Treasury–January 2024

January 2024
All tax sources total $1.51 billion for January, up $107 million, or 7.6 percent, when comparing to January of last year. Revenue from the state’s Gross Production Tax or “GPT” dropped to $12.8 million, down by 12.4 percent, when comparing to last month.

Declining tax revenue from oil and gas production, continues to push total gross receipts revenues down while all other categories are up for the month.

Total receipts for the last 12 months total $16.92 billion, a decrease of $555 million, or 3.2 percent, when comparing revenue from the previous year.

 

Other Indicators

January


Oklahoma Business Conditions Index: Sank below growth neutral at 48.7, compared to 50.5 last month.

  • Numbers above 50 indicate the expectation of economic expansion over the next three to six months, but it should be noted that the index has been very volatile in recent months.

Oklahoma Unemployment, U.S. Bureau of Labor Statistics: Small uptick of 3.4% last month, up from 0.1%.

  • The national unemployment rate remained at 3.7% for the last two months.

Consumer Price Index, U.S. Bureau of Labor Statistics: Annual inflation rate rose slightly to 3.4% last month.

  • Energy prices decreased 2.0% in 2023, after increasing 7.3% in 2022.
  • Prices for four of the six major food at home groups increased from 2022 to 2023.
  • Costs for new vehicles increased 1.0% in 2023, compared with a 5.9% increase in 2022.
  • Prices for medical care rose 0.5% in 2023, following an increase of 4.0% in 2022.

 

About

As a timely, broad view of the state’s economy the report releases in conjunction with the General Revenue Fund report. Providing information to state agencies for budgetary planning purposes, the General Revenue Fund acts as the state’s main operating account and receives a portion of the state’s gross receipts as well as state, city and county funds.

Gross Receipts Report

 

12-Month Period End Comparison

Gross receipts total $16.92 billion, down $555 million or 3.2 percent versus 2023 total.

  • Combined individual income tax and corporate income tax $6.07 billion, up $37.1 million or 0.6 percent.
    • Individual tax of $5.12 billion, up $80.2 million or 1.6 percent.
    • Corporate tax of $957.3 million, down $43.1 million or 4.3 percent.
  • Combined sales tax and use tax–including city and county remittances–of $7.13 billion, up $223.3, million or 3.2 percent.
    • Sales tax of $5.97 billion, up $128.7 million or 2.2 percent.
    • Use tax, received on out-of-state and internet purchases, of $1.15 billion, up $94.5 million or 8.9 percent.
All Sources
  • Oil and gas gross production tax of $1.23 billion, down $770.8 million or 38.7 percent.
  • Motor vehicle tax of $865.7 million, down by $10 million or 1.1 percent.
  • Other sources, including 70 different revenues, of $1.63 billion, down by $34.8 million or 2.1 percent.

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Monthly Comparison

Gross receipts total $1.51 billion, down $34.5 million or 2.2 percent versus January 2023 .

  • Income tax of $590.8 million, up $40.3 million or 7.3 percent.
    • Individual tax of $513.5 million, up $31.3 million or 6.5 percent.
    • Corporate tax of $77.2 million, up $9.1 million or 13.3 percent.
  • Sales and use tax of $626.1 million, down $3.3 million or 0.5 percent.
    • Sales tax of $504.7 million, down $10.5 million or 2.0 percent.
    • Use tax of $121.4 million, up $7.2 million or 6.3 percent.
Prior Year
  • Gross production taxes of $90.1 million, down $63 million or 41.2 percent.
  • Motor vehicle taxes of $66.1 million, down $8.0 million or 10.8 percent.
  • Other sources of $141.3 million, a decrease of $34.5 million or 2.2 percent.

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Month-Over-Month Comparison

Gross receipts total $1.5 billion, up $107.1 million, or 7.6 percent, versus December 2023.

  • Increase in income tax of $103.1 million or 21.1 percent.
  • Increase in sales and use tax of $3.8 million or 0.6 percent.
  • Decrease in gross production taxes of $12.8 million or 12.4 percent.
  • Increase in motor vehicle taxes of $1.4 million or 2.2 percent.
  • Increase in other sources of $11.6 million or 9.0 percent.

 

Next week, look for the Oklahoma Economic Report, providing a broader economic overview.

View full PDF report below.

 

 

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