Gross Receipts to the Treasury. February 2024.

By Editor | March 9, 2024 |

Receipts for the last 12 months total $16.91 billion, a decrease of $714.54 million, or 4.1%, when comparing revenue from the previous year. Gross Production Tax or “GPT” dropped to $836 million, down by 41.2%. In contrast, sales/use tax increased 2.4% while income also rose slightly to 0.1%

February tax sources equal $1.19 billion, down $323.9million, or 21.4%. Declining tax revenue from GPT, continues to push total gross receipts revenues down. After declining for two months, GPT increased at $4.4 million or 4.9% for the last month.

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.

12-Month Period End Comparison

Down $714.5 million or 4.1 percent versus the March 2022 – February 2023 total.

Combined individual income tax and corporate income tax $6.09 billion, up $5.2 million or 0.1 percent.
- Individual tax of $5.15 billion, up $67.4 million or 1.3 percent.
- Corporate tax of $948.4 million, down $62.2 million or 6.2 percent.
Combined sales tax and use tax–including city and county remittances–of $7.12 billion, up $163.9, million or 2.4 percent.
- Sales tax of $5.96 billion, up $72.9 million or 1.2 percent.
- Use tax, received on out-of-state and internet purchases, of $1.16 billion, up $91.1 million or 8.5 percent.

Oil and gas gross production tax of $1.19 billion, down $836 million or 41.2 percent.
Motor vehicle tax of $874.2 million, down by $9.2 million or 1.0 percent.
Other sources, including 70 different revenues, of $1.63 billion, down by $38.5 million or 2.3 percent.

Monthly Comparison

Down $16.4 million or 1.4 percent versus February 2023 .

Income tax of $385.2 million, up $17.4 million or 4.7 percent.
- Individual tax of $367.8 million, up $26.2 million or 7.7 percent.
- Corporate tax of $17.4 million, down $6.9 million or 33.6 percent.
Sales and use tax of $519.1 million, down $9.3 million or 1.8 percent.
- Sales tax of $436.8 million, down $13.2 million or 2.9 percent.
- Use tax of $82.3 million, up $3.9 million or 5 percent.

Gross production taxes of $94.5 million, down $30.2 million or 24.2 percent.
Motor vehicle taxes of $76.1 million, up $8.5 million or 12.6 percent.
Other sources of $115.6 million, a down $2.8 million or 2.4 percent.

Month-Over-Month Comparison

Down $323.9 million, or 21.4 percent, versus January 2024.