April Tax Collections in Oklahoma Show Year-to-Year Improvements Thanks to Oil and Gas

Oklahoma Treasurer Ken Miller reports April Gross Receipts to the state treasury were up by more than 15 percent compared to one year ago. The report totaled $1.4 billion, the largest of the year, thanks to the income tax filing deadline.

“This month’s gross receipts report again reflects a well performing economy,” said Miller. “Employment and consumption are continuing to rise as the energy sector is hitting stride.”

He said it’s a continuation of the economy’s growth for 13 months. The April gross collections were up $187 million or 15.4 percent from April 2017.

The numbers were boosted by a 47 percent increase in gross production taxes on oil and gas over the past year. There was also a 1 percent increase in motor vehicle tax collections.

The taxes on oil and natural gas generated $60.7 million in April, an increase of $19.5 million, or 47.4 percent from last April.  However, despite the year-over-year increase, collections were down $12.1 million or 16.7 percent compared to March 2018.

For the past year, oil and gas gross production tax collections were $638.2 million, an increase of $226.3 million or 55 percent from the previous period.

Motor vehicle collections total $766 million for the period. This is an increase of $22.4 million, or 3 percent, from the trailing period.

Motor vehicle taxes produced $62.8 million, an increase of $627,510 or 1 percent from April of 2017.

Overall collections for the past year showed growth in all major revenue streams. The total 12 month collections were $11.97 billion, or an increase of $1.18 billion or 10.9 percent.

The tax commission attributes $34.6 million in April to new revenue resulting from legislation enacted during 2017. The additional revenue comes primarily from changes in sales tax exemptions and gross production tax incentives.

The new revenue accounts for 2.5 percent of April gross receipts. Out of $9.2 billion in gross collections since last August, $240.8 million, or 2.6 percent, has resulted from last year’s law changes.

Tax increases enacted in late March of this year have not yet taken effect and therefore have no impact on current collections.

Gross revenue totals $11.97 billion from the past 12 months. That is $1.18 billion, or 10.9 percent, more than collections from the previous 12 months.