May 2024 Gross Receipts

Friday, 07 June 2024 08:52

May 2024 Gross Receipts Featured

Written by Todd Russ, Oklahoma State Treasurer
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With the last month’s reporting increases, we see leveling across all tax divisions. May Gross Receipts reports an increase with totals equaling $1.3B, up $20.2M, or 1.6% when compared to May 2023.

Receipts for the last 12 months through May total $16.93B, a decrease of $548.8M, or 3.1%, when comparing revenue from the previous year.

Gross Production Tax or “GPT” decreased $792.4M, or 41.5% for the same twelve month period but for month to month comparisons this month is up from last month. In contrast, total income tax increased 2.5%, total sales and use tax increased 1.5% and motor vehicle tax increased 3.2%.

12-M End

OK Unemployment — April: 3.5%, for second month and returns to it’s five month streak rate from January.

US Unemployment — April: 3.9%, after decreasing to 3.8% in March and increasing to 3.9% in February.

Consumer Price Index — Consumer prices decreased to 0.3% for April, after two months at 0.4%.

  • The index for shelter rose in April, as did the gasoline index, contributing over seventy percent of the monthly increase in the index for all items. The energy index rose 1.1% over the month. The food index was unchanged. The food at home index declined 0.2%, while the food away from home index rose 0.3% over the month.
  • The index for all items less food and energy rose 0.3% in April, after rising 0.4% in each of the 3 preceding months. Indexes increasing in April include shelter, motor vehicle insurance, medical care, apparel, and personal care. The indexes for used cars and trucks, household furnishings and operations, and new vehicles decreased over the month.

The state’s Business Conditions Index for May is delayed. As no response was given, next month will reflect two months. See below for 2024 index summary.

             January 48.7   -   February 46.9   -   March 53.3   -   April 54.7

Survey highlights overall, or Business Conditions Index, climbed to its highest level since September 2023. While the wholesale price remained at a level indicating elevated inflationary pressures. The region’s manufacturing sector lost jobs for a fourth straight month. Survey participants reported a wage gain of 3.5% over the past 12 months, or below the rate of inflation.

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.

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12-Month Period End Comparison

Gross receipts total $16.93 billion, down $548.8 million or 3.1 percent.

  • Combined individual income tax and corporate income tax $6.2 billion, up $152.6 million or 2.5 percent.
    • Individual tax of $5.2 billion, up $207 million or 4.1 percent.
    • Corporate tax of $925.6 million, down $54.4 million or 5.5 percent.
  • Combined sales tax and use tax–including city and county remittances–of $7.1 billion, up $106.5 million or 1.5 percent.
    • Sales tax of $5.9 billion, up $19 million or 0.3 percent.
    • Use tax, received on out-of-state and Internet purchases, of $1.2 billion, up $87.5 million or 8 percent.
    • Oil and gas gross production tax of $1.12 billion, down $792.4 million or 41.5 percent.
    • Motor vehicle tax of $899.4 million, up $13.6 million or 1.5 percent.
    • Other sources, including 70 different revenues, of $1.63 billion, down by $29.2 million or 1.8 percent.

Monthly Comparison

Gross receipts total $1.3 billion, up $20.2 million or 1.6 percent for May 2024 vs. 2023.

  • Income tax of $425.1 million, up $34 million or 8.7 percent.
    • Individual tax of $381.2 million, up $40.8 million or 12 percent.
    • Corporate tax of $43.9 million, down $6.8 million or 13.3 percent.
  • Sales and use tax of $582.5 million, down $5 million or 0.9 percent.
    • Sales tax of $488 million, down $3.4 million or 0.7 percent.
    • Use tax of $94.5 million, up $8.4 million or 9.8 percent.

 

View full PDF report below.

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