Total revenue for June increased over last month by $124M or 9.6%. When compared to June 2023 totals equal $1.43B, down $44.8M, or 3%. Receipts for the last 12 months through June total $16.88B, a decrease of $555.5M, or 3.2%, when comparing revenue from the previous year.
Gross Production Tax or “GPT” totaled $1.1B, down $734.2M or 40% for the same twelve month period. In contrast, total income tax increased 1.9%, total sales and use tax increased 1.1% and motor vehicle tax increased 1.8%.
OK Unemployment — May reports a seasonally adjusted rate of 3.5%, continuing a three month streak.
US Unemployment — May reports an adjusted rate of 4.0%, increasing 0.1% for two consecutive months.
Consumer Price Index — Index was unchanged in May on a seasonally adjusted basis, after rising 0.3% in April.
- More than offsetting a decline in gasoline, the index for shelter rose in May, up 0.4% for the fourth consecutive month. The index for food increased 0.1%. Food away from home index rose 0.4% over the month, while the food at home index was unchanged. The energy index fell 2.0% over the month, led by a 3.6% decrease in the gasoline index.
- The all items index rose 3.3% for the 12 months ending May, a smaller increase than the 3.4% increase for the 12 months ending April. The all items less food and energy index rose 3.4% over the last 12 months. The energy index increased 3.7% for the 12 months ending May. The food index increased 2.1% over the last year.
The state’s Business Conditions Index for May saw a dip under growth neutral.
January 48.7 February 46.9 March 53.3 April 54.7 May 48.4
According to the latest U.S. Bureau of Labor Statistics employment data, the state’s manufacturing sector, over the past 12 months, experienced job gains of 0.4% and hourly wage gains of 4.8%. The state’s Business Conditions Index slumped to 48.4 from April’s 54.7. Components of the overall May index were: new orders at 47.7; production or sales at 42.0; delivery lead time at 51.5; inventories at 59.7; and employment at 41.4.
12-Month Period End Comparison
Gross receipts total $16.88 billion, down $555.5 million or 3.2 percent.
- Combined individual income tax and corporate income tax of $6.1 billion, up $112.5 million or 1.9 percent.
o Individual tax of $5.2 billion, up $185.8 million or 3.7 percent.
o Corporate tax of $912 million, down $73.3 million or 7.4 percent.
- Combined sales tax and use tax–including city and county remittances–of $7.1 billion, up $74.9 million or 1.1 percent.
o Sales tax of $5.9 billion, down $6.6 million or 1.1 percent.
o Use tax, received on out-of-state and Internet purchases, of $1.2 billion, up $81.6 million or 7.4 percent.
- Oil and gas gross production tax of $1.1 billion, down $734.2 million or 40 percent.
- Motor vehicle tax of $898.2 million, up $16.2 million or 1.8 percent.
- Other sources, includes more than 70 revenue streams, of $1.63 billion, down $24.9 million or 1.5 percent.
Monthly Comparison
Gross receipts total $1.43 billion, down $44.8 million or 3 percent for June 2024 vs. 2023.
- Income tax of $535.9 million, down $22.7 million or 4.1 percent.
o Individual tax of $404.1 million, down $9.1 million or 2.2 percent.
o Corporate tax of $131.7 million, down $13.6 million or 9.4 percent.
- Sales and use tax of $601.9 million, down $3.9 million or 0.6 percent.
o Sales tax of $503.7 million, down $8.5 million or 1.7 percent.
o Use tax of $98.2 million, up $4.7 million or 5 percent.
- Gross production tax of $83.1 million, down $15 million or 15.2 percent.
- Motor vehicle tax of $76.1 million, down $1.2 million or 1.6 percent.
- Other sources of $132.4 million, down $2 million or 1.5 percent.
Month-Over-Month Comparison
Gross receipts total $1.43 billion, up $124.6 million or 9.6 percent from last month.
- Increase in income tax of $110.7 million or 26%.
- Increase in sales and use tax of $19.5 million or 3.3%.
- Decrease in gross production tax of $4 million or 4.6%.
- Decrease in motor vehicle tax of $4.3 million or 5.4%.
- Increase in other sources of $2.8 million or 2.1%.
About the Gross Receipts Report
As a timely, broad view of the state’s economy the report releases in conjunction with the General Revenue Fund report.
Providing information to state agencies for budgetary planning purposes, the General Revenue Fund acts as the state’s main operating account and receives a portion of the state’s gross receipts as well as state, city and county funds.
(Editor’s note: This story was provided by the Oklahoma State Treasurer’s Office with minor edits for style.)
