Budget & Tax
Curtis Shelton | December 12, 2018
A look at November 2018 revenue collections
The Oklahoma State Treasurer released the monthly report for November 2018 revenue collections. The report shows Total Gross Receipts collected in November were $1.03 billion—a 15.7 percent, or $140 million, increase for the same month from the prior year. Twelve-month gross receipts total $12.8 billion, a record high.
New revenue from House Bill 1010xx amounted to $61.6 million, or 44 percent, of the total growth for the month. The change in the gross production tax from 2 percent to 5 percent brought in the largest amount of new revenue at $37.8 million. The $1 increase in a pack of cigarettes brought in $13.6 million, while the six-cent increase in the diesel fuel tax brought in the smallest amount at $10.1 million.
Of the four major tax sources, the gross production tax saw the largest percentage increase year-to-year at 125.3 percent. The income tax saw the smallest increase at 0.3 percent.
Policy Research Fellow
Curtis Shelton currently serves as a policy research fellow for OCPA with a focus on fiscal policy. Curtis graduated Oklahoma State University in 2016 with a Bachelors of Arts in Finance. Previously, he served as a summer intern at OCPA and spent time as a staff accountant for Sutherland Global Services.