Oklahoma Treasurer Todd Russ reported the state’s revenue from its gross production tax on oil and gas continues to show a lower trend.
Figures released in his March 2024 Economic report showed a more than 12% drop in oil and gas gross production tax revenue from February to March.
The total revenue was $82.7 miillion for the month but it was $11.8 million or 12.4% lower than the previous month. The gross production tax revenue was the only one of the five major tax revenue sectors to report a decline.
Income tax revenue for March rose more than 25%. Sales and Use tax revenue increased nearly 10% while vehicle tax revenue grew by about 12% and other tax r evenue increased by 7%.
