Budget & Tax

Total gross receipts increase again

April 8, 2019

Curtis Shelton

The Oklahoma State Treasurer released the monthly report for March revenue collections. The report shows Total Gross Receipts collected in March were $1.1 billion—a 10.3 percent, or $101 million, increase for the same month from the prior year. This mark the 24th straight month of year over year revenue growth.

New revenue from House Bill 1010xx amounted to $54.2 million, or 54 percent, of the total growth for the month. This is the second time legislative changes made up more than 50 percent of revenue growth. The change in the gross production tax from 2 percent to 5 percent brought in the largest amount of new revenue at $30 million. The $1 increase in a pack of cigarettes brought in $13 million, while the six-cent increase in the diesel fuel tax brought in the smallest amount at $11 million.

Of the four major tax sources, the gross production tax saw the largest percentage increase year-to-year at 32.2 percent. The sales tax saw the smallest increase at 3.8 percent.

As oil prices have continued to grow throughout the year the concerns that the state‚Äôs economic growth might slow have lessened. Even though the price decline only lasted a few months the fact the economy continued to grow throughout is encouraging.