OKLAHOMA CITY – Gross state tax receipts for September 2024 totaled $1.49 billion, an increase of $17.6 million over September 2023 totals, State Treasurer Todd Russ reported.
Receipts for the last 12 months through September totaled $16.97 billion, a decrease of $173.18 million (1.0%) when compared against revenue from the previous 12-month period, Russ reported.
In contrast, gross production tax receipts in September were $85.4 million, up $1.5 million (1.81%) over August GPT receipts.
According to the treasurer, other tax sources for September included:
• Individual and corporate income taxes: $600.9 million, up 6.1% from September 2023 and a 63.6% surge from August 2024.
• Sales and use taxes: $592.2 million, down 1.7% from a year ago and 2.3% less than August 2024.
• Motor vehicle taxes: $76.1 million, up 5.6% from last September but 4.8% lower than August 2024.
• Other sources: $138.7 million, 2% lower than September 2023 but 0.7% higher than August 2024.
For the 12-month period of October 2023 through September 2024:
• Income taxes totaled $6.2 billion, 3.5% more than receipts during the preceding 12 months.
• Oil and gas gross production taxes generated $1.089 billion, a 28.4% decline from the preceding 12 months.
The state’s unemployment rate in August was 3.4%, seasonally adjusted, a 0.1% decline from July. In comparison, the U.S. unemployment rate in August was 4.2%, seasonally adjusted, also a 0.1% reduction from July.
The Consumer Price Index increased 0.2% in August on a seasonally adjusted basis, after rising the same amount in July.