Budget & Tax

A look at August 2018 gross receipts

September 10, 2018

Curtis Shelton

The Oklahoma Treasurer released the monthly report for August’s revenue collections. The report shows Total Gross Receipts collected in August were $995.1 million—a 13.1%, or $115.4 million, increase for the same month from the prior year.

Fiscal Year 2018 vs Fiscal Year 2019 Total Gross Receipts

Revenue from legislative changes made during the 2018 session took effect for the first time this month. These changes amounted to $18.3 million, or 16%, of the total growth for the month. The $1 increase in a pack of cigarettes brought in the largest amount of new revenue at $8.3 million, while the six-cent increase in the diesel fuel tax brought in the smallest amount at $4.9 million.

Of the four major tax sources, the gross production tax saw the largest percentage increase year-to-year at 64.3%. Oklahoma Treasurer Ken Miller noted this increase is not attributable to the increase from 3% to 5% in the gross production tax as it has yet to generate additional revenue. The motor vehicle tax saw the smallest increase at 1.3%.