Budget & Tax

Curtis Shelton | November 7, 2018

A look at the October 2018 economic report

Curtis Shelton

The Oklahoma State Treasurer released the monthly report for October revenue collections. Total Gross Receipts collected in October were $1,138.5 million—up 16.1 percent, or $158.3 million, from the same month last year. This sets a record for collections in the month of October. Fiscal year 2019 has been a year of records thus far, with each of the first four months setting record highs for monthly collections.

Fiscal Year 2018 vs. Fiscal Year 2019 Total Gross Receipts

New revenue from House Bill 1010xx amounted to $55.3 million, or 35 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 $30.8 million. The $1.00 increase in a pack of cigarettes brought in $13.2 million, while the six-cent increase in the diesel fuel tax brought in the smallest amount at $11.3 million.

Of the four major tax sources, the gross production tax saw the largest percentage increase year-to-year at 96 percent. The motor vehicle tax saw the smallest increase at 3.2 percent.

Curtis Shelton Policy Research Fellow

Curtis Shelton

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.

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