Budget & Tax
Curtis Shelton | November 7, 2018
A look at the October 2018 economic report
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.
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.
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.