The Oklahoma Treasurer’s office announced there was an overall revenue increase for the state in July, but a more than $600 million drop in revenue from the Gross Production Tax.
Treasurer Todd Russ stated the Gross Production Tax totaled $1.1 billion but it was off $639.9 million or 37% for the last 12 months.
Seen as an alternative to property tax, the gross production tax of 7% applies to the production of natural gas and oil.
Total revenue for July grew $44 million or 3.3% over July of last year, hitting a total of $1.36 billion. Receipts for the past year through July totaled $16.93 billion, a drop of $450.45 milllion or 2.6% when comparing revenue from the previous year.
While gross production tax dropped 37% in the past 12 months, income tax increased 2.4% and total sales and use tax grw by 05% and motor vehicle tax revenue increased 2.7%.
OK Unemployment — June reports a seasonally adjusted rate of 3.4%, down 0.1% from May.
US Unemployment — July reports an adjusted rate of 4.3%, increasing 0.2% from June.
Consumer Price Index — Index declined 0.1% in June seasonally adjusted basis, after being unchanged in May.
- The index for gasoline fell 3.8% in June, after declining 3.6% in May, more than offsetting an increase in shelter. The energy index fell 2.0% over the month, as it did the preceding month. The index for food increased 0.2% in June. The food away from home index rose 0.4% over the month, while the food at home index increased 0.1%.
- The all items index rose 3.0% for the 12 months ending June, a smaller increase than the 3.3% increase for the 12 months ending May. The all items less food and energy index rose 3.3% over the last 12 months and was the smallest 12-month increase in that index since April 2021. The energy index increased 1.0% for the 12 months ending June.
