Oklahoma Treasurer Todd Russ reports a less than 1% decline in gross revenue over the past 12 months including a more than 22% drop in gross production 2024 tax revenue compared to 2023.
Receipts for the last 12 months through December total $16.87B, a decrease of $79.89M, or 0.5%, when comparing revenue from the previous year. However, month-over-month comparisons show an increase of 17%. While the state’s revenue trends may seem wobbly, this is typical for the current economic conditions caused by Fed adjustments.
Gross Production Tax or “GPT” totals equal $1B, down $286.1M or 22.2% over the previous year. Tax sources for the same time period show total income tax increased 4.4%, total sales and use tax decreased 1.7%, motor vehicle tax decreased 5.5% and other sources increased 0.9%.
View full PDF report below.