The amount of gross production tax revenue from Oklahoma’s oil and gas production took another hit in March.
State Treasurer Todd Russ reports the tax totaled $1.12 billion, down $901.2 million or 44.6% for the same 12-month period.
He said total tax receipts for the past year through March came to $16.85 billion, a decline of 4.5% or $787 million.
Compared to February, Oklahoma’s gross receipts totaled $1.34 billion, up $153.33 million or 12.9% from February.
The state saw an increase in income tax of $97.4 million or 25.3%. There was an increase in sales and use tax of $50.7 million or 9.8%.
While oil and gas gross production tax revenue was down more than 12%, motor vehicle taxes increased by $8.9 million or 11.7%.