Oklahoma State Treasurer Todd Russ reported Oklahoma’s total tax revenue grew nearly 2% in August compared to August of 2023. Gross production taxes on oil and gas also grew more than 2%.
In an update of gross receipts to the Treasury, he said total August revenue increased over last year by $24.2 million or 1.9%. The total revenue was $1.27 billion.
Receipts for the last 12 months through July total $16.95B, a decrease of $304.4M, or 1.8%, when comparing revenue from the previous month variance.
Gross Production Tax or “GPT” totals equal $83.9M, up $1.6M or 2% over the last August. As the display below indicated, the breakdown included $26.6 million in tax revenue from natural gas and $55.92 million from oil production.
All other tax sources show an increase for the same time period, total income tax increased 0.2%, total sales and use tax increased 1.4%, motor vehicle tax increased 5.7% and other sources increased 7%.