Budget & Tax

Curtis Shelton | June 12, 2019

Two years of Oklahoma revenue growth

Curtis Shelton

Oklahoma’s state treasurer last week released the monthly report for May revenue collections. The report shows total gross receipts collected in May were $1.07 billion—a 10.6 percent, or $103 million, increase over the same month from the prior year. This marks the 24th month in a row of year over year revenue growth.

Source: Oklahoma Treasurer’s Economic Reports

New revenue from House Bill 1010xx amounted to $58.4 million, or 57 percent, of the total growth for the month. Legislative changes have now amounted to $507 million or 38 percent of total revenue growth for fiscal year 2019.

Source: Oklahoma Treasurer’s Economic Reports

The change in the gross production tax from 2 percent to 5 percent brought in the largest amount of new revenue at $31.1 million. The $1 increase in a pack of cigarettes brought in $14.9 million, while the six-cent increase in the diesel fuel tax brought in the smallest amount at $12.4 million. Of the four major tax sources, the gross production tax saw the largest percentage increase year-to-year at 26.8 percent. The motor vehicle tax was the only major source that saw a year over year decline at 9.4 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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