December 2023 Gross Receipts

Friday, 05 January 2024 08:53

December 2023 Gross Receipts Featured

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Oklahoma State Treasurer Todd Russ Oklahoma State Treasurer Todd Russ

Declining tax revenue from oil and gas production continues to push total gross receipts revenues down. Treasury receipts for the last 12 months total $16.96 billion, a decrease of $480 million, or 2.7 percent, when comparing revenue from the previous year.

All tax sources in December total $1.41 billion. Continuing recent trends, revenue is down $88.3 million, or 5.9 percent, when comparing to December 2022.

Revenue from the state’s Gross Production Tax dropped to $102.9 million, down by 47 percent, when comparing to December 2022. 

However, when comparing November and December total month revenues show a rise of $116.2 million, or 8.9 percent.

Graph

The Oklahoma Business Conditions Index rebounded in December to a level above growth neutral. The December index came in at 50.5, compared to 43.2 in November. Numbers above 50 indicate the expectation of economic expansion over the next three to six months, but it should be noted that the index has been very volatile in recent months.

According to the U.S. Bureau of Labor Statistics, the unemployment rate in Oklahoma was 3.3 percent for November, a modest uptick from 3.2 percent in October. Meanwhile, the national unemployment rate fell in November to 3.7 percent, down 0.2 percent from the previous month.

As measured by the Consumer Price Index, the U.S. Bureau of Labor Statistics reports the annual inflation rate shrunk slightly to 3.1 percent in November. The energy component of the index continued to show a substantial decline over the year, dropping 5.4 percent below zero inflation, and the food index slipped below the overall inflation rate as well, ending the month at 2.9 percent.

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.

GRT

Gross receipts total $16.96 billion, down $480.39 million or 2.8 percent versus 2022 total.

  • Combined individual income tax and corporate income tax $6.04 billion, down $6.3 million or 0.1 percent.
    • Individual tax of $5.1 billion, up $84.7 million or 1.7 percent.
    • Corporate tax of $948.2 million, down $91.1 million or 8.8 percent.
  • Combined sales tax and use tax–including city and county remittances–of $7.13 billion, up $258.9, million or 3.8 percent.
    • Sales tax of $5.98 billion, up $161.2 million or 2.8 percent.
    • Use tax, received on out-of-state and internet purchases, of $1.1 billion, up $97.7 million or 9.3 percent.
  • Oil and gas gross production tax of $1.29 billion, down $698.3 million or 35.2 percent.
  • Motor vehicle tax of $873.7 million, up by $3.4 million or 0.4 percent.
  • Other sources, including 60 different revenues, of $1.63 billion, down by $38 million or 2.3 percent.

12-M Comparison

Gross receipts total $1.41 billion, down $88.3 million or 5.9 percent versus December 2022 .

  • Income tax of $395.4 million, up $1.9 million or 0.4 percent.
    • Individual tax of $372.9 million, down $7.3 million or 1.9 percent.
    • Corporate tax of $114.8 million, up $9.2 million or 8.7 percent.
  • Sales and use tax of $622 million, up $11.0 million or 1.8 percent.
    • Sales tax of $507 million, down $1.0 million or 0.2 percent.
    • Use tax of $115.2 million, up $12 million or 11.6 percent.
  • Gross production taxes of $102.9 million, down $92.2 million or 47.3 percent.
  • Motor vehicle taxes of $64.7 million, down $4.0 million or 5.9 percent.
  • Other sources of $129.7 million, a decrease of $4.9 million or 3.7 percent.

Graph

Gross receipts total $1.41 billion, up $116.2 million, or 9 percent, versus November 2023.

  • Increase in income tax of $92.3 million or 23.4 percent.
  • Increase in sales and use tax of $27.2 million or 4.6 percent.
  • Decrease in gross production taxes of $2.9 million or 2.7 percent.
  • Increase in motor vehicle taxes of $500 thousand or 0.7 percent.
  • Decrease in other sources of $900 thousand or 0.7 percent.

Later this month, look for the Oklahoma Economic Report, providing a broader economic overview.

View full PDF report below.

Last modified on Friday, 05 January 2024 09:00
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