According to Oklahoma State Treasurer Randy McDaniel, “More than a hundred thousand Oklahoma[ns] are struggling financially due to the loss of jobs. Many people have had to care for family members struck by COVID-19, while some have experienced the tragic loss of loved ones from the virus…Virtually every business owner in Oklahoma has had to make difficult and sometimes anguishing choices.”
The June Oklahoma Economic Report, shows May’s jobless rate was set at 12.6 percent, down by 2.1 percentage points from April’s rate. The number of unemployed Oklahomans in May was 175,000 more than in early March, when the unemployment rate was reported as 2.9 percent. The report also shows that “Oklahoma tax revenue has been greatly impacted by current events. This is due to many businesses being shuttered for several weeks, unemployment at levels not seen since the Great Depression, and the energy industry in crisis.” With the income tax filing deadline moved to July, Oklahoma has not seen the income from these filings as it would have by now in past years.
Gross receipts for May total $923.1 million, down by $150.5 million from May of last year. ““The Oklahoma economy, as reflected in state revenue collections, was significantly impacted by the pandemic during the month,” McDaniel said. ““However, the picture in May is not as conspicuous as the April report, which included the postponement until July of income tax reporting.”
“Gross revenue totals $13.07 billion from the past 12 months, June 2019 through May 2020. That is $477.1 million, or 3.5 percent, below collections from the previous 12-month period.”
“Other collections composed of some 60 different sources including taxes on fuel, tobacco, medical marijuana, and alcoholic beverages, produced $110.4 million during the month. That is $32.4 million, or 22.7 percent, less than last May.”
There are some positive numbers in the May report, though. “Use tax, paid on out-of-state purchases including online, and individual income tax were both slightly higher than receipts from the prior year by a combined total of $13 million. Use tax receipts generated $61.8 million, an increase of $5.8 million, or 10.3 percent for the year.”
For the complete June Report, see the June Oklahoma Economic Report.
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