Budget & Tax

Oklahoma state revenue climbs nearly $1 billion in fiscal year 2026

July 15, 2026

Curtis Shelton

The Oklahoma State Treasurer’s office has released the June tax revenue report, closing out fiscal year 2026. Oklahoma's fiscal year runs from July 1 to June 30. 

Total receipts for fiscal year 2026 came in at $17.91 billion, which is $990 million more than in fiscal year 2025.

Source: Oklahoma State Treasurer, Tax Revenue Reports

Income tax revenue totaled $7.16 billion, up $638 million from the previous fiscal year. That growth came entirely from individual income tax collections, as corporate income tax fell 7 percent compared to fiscal year 2025. Individual income tax collections grew 12 percent despite a rate reduction halfway through the year (the top individual income tax rate dropped from 4.75 percent to 4.5 percent starting January 1, 2026).

Source: Oklahoma State Treasurer, Tax Revenue Reports

A year-over-year comparison of the first six months of 2026 shows individual income tax collections grew 9.5 percent even after adjusting for inflation to January 2025 dollars. This means collections continued to grow even after the rate cut took effect.

Every other major tax revenue source saw year-over-year growth as well, with gross production taxes rising the most, up 27 percent. International conflicts have kept oil and gas prices elevated for much of the year.