State tax revenue from Oklahoma’s oil and gas production saw a gain of more than 6% in January, according to the latest tax receipt report from the State Treasurer.
Gross Production Tax revenue totaled $84 million which was a gain of $4.8 million or 6.1% over the previous month.
Overall tax receipts for the past 12 months totaled $16.87 billion which reflected a decline of $46.95 million or 0.3%.
Tax sources for the same time period show total income tax increased 9.7%, total sales and use tax increased 4.8%, motor vehicle tax increased 8.9% and other sources increased 0.7%.
“The state’s revenue remains stable despite slight declines, with month-over-month growth demonstrating resilience in key sectors. While fluctuations are expected in the current economic climate, Oklahoma’s economy continues to show strength,” said Treasurer Todd Russ.