OKLAHOMA CITY – Gross receipts to the state Treasury in April driven by income tax payments shattered two records, but other indicators point to a cautionary outlook, State Treasurer Randy McDaniel reported.
April gross receipts of $2.04 billion, an all-time high, are up 37% from a year ago and mark the first time collections for any month have topped $2 billion. The previous record was $1.58 billion set in April 2019.
For the month, combined individual and corporate income tax payments totaled $1.1 billion. April income tax receipts are typically higher than other months because of the annual filing deadline, noted Tim Allen, deputy treasurer for communications and program administration.
Twelve-month receipts of $16.42 billion, also a new record, are up by more than 20% compared to the prior period. For the first time, corporate income tax payments contributed over $1 billion to the bottom line during the 12 months.
“Record performance numbers point to the strength of the state economy,” McDaniel said. “Even so, there are signs that would urge some caution going forward. Sales and use tax receipts are up by less than the rate of inflation, and gross production and motor vehicle revenues are lower than collections of last April.”
The annual inflation rate hit 8.5% in March, up four-tenths of a percentage point from February; it is the highest rate since December of 1981, records reflect. Gasoline prices are up 48%, while the cost of food rose at an annual rate of 10%.
Sales and use tax revenue of $584.6 million rose by $16.6 million, or 2.9%, in April. Motor vehicle receipts of $72 million shrank by $6.4 million in April, down by 8.2% from the prior year. Gross production collections in April generated $132.1 million, 1.2% lower than a year ago.
Twelve-month collections are up by $2.86 billion, a 21.1% increase compared to the previous 12 months. All four major revenue streams showed expansion ranging from 111.3% in gross production taxes to 9.5% in motor vehicle taxes.
Other indicators
The Oklahoma unemployment rate in March was reported as 2.7% by the U.S. Bureau of Labor Statistics, up one-tenth of a percentage point from February. The U.S. jobless rate in March was listed as 3.6%, down from 3.8% in February.
Twelve-month collections
Combined gross receipts for the past 12 months compared to the previous period show:
Ÿ Gross revenue totaled $16.42 billion, 21.1% above collections from the previous period.
Ÿ Gross income taxes generated $5.99 billion, an increase of 22.1%.
Ÿ Combined sales and use taxes generated $6.51 billion, an increase of $852.9 million, or 15.1%.
Ÿ Oil and gas gross production tax collections generated $1.36 billion, up by 111.3%.
Ÿ Motor vehicle collections totaled $878.1 million, a 9.5% increase.
Ÿ Other sources generated $1.68 billion, up by 8.4%.