Oil and gas tax revenues in Oklahoma finally increased in the month of February but were still down over the past 12 months.
State Treasurer Todd Russ reported gross production tax revenue during the month dropped more than 41%. It also led to a decrease for all tax receipts for the month.
Russ said gross production tax revenue fell to $836 million. Total tax revenue in the past 12 months was $16.91 billion, a decline of $714.54 or 4.1% compared to the previous year.
However, the Treasurer explained revenue from sales and use taxes inccreased 2.4% while income also rose slightly to 0.1%.
February tax sources equal $1.19 billion, down $323.9 million, or 21.4%. Declining tax revenue from GPT, continues to push total gross receipts revenues down. After declining for two months, GPT increased at $4.4 million or 4.9% for the last month.
