Budget & Tax

A look at November 2018 revenue collections

December 12, 2018

Curtis Shelton

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.

FY 2018 vs. FY 2019 Total Gross Receipts

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.

Change in Total Gross Receipts-Legislative Changes vs. Economic Growth

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.