Oklahoma Gross Receipts In April Up 38% From Previous Year
April gross receipts to the Oklahoma Treasury were almost $1.5 billion, up 38% from last April.
While the state saw little from income tax payments last April because of a delayed filing deadline, State Treasurer Randy McDaniel said the sharp rise in collections this year isn’t just because more people and companies paid their taxes in April 2021.
"April’s gross production tax generated more than $133 million, the highest monthly total in a decade. Consumption tax revenue is the highest it’s been in two years. This is the result of a number of factors, including an open economy and billions of dollars being pumped into the state economy," McDaniel said.
Every major revenue stream was up by double-digit percentages in April. McDaniel does not think last month’s boom is a one-off.
"Some of the numbers we report are delayed — on the commodity prices, for example, the gross production tax. So, we feel confident about the next several months, but we’ll be watching it very diligently," McDaniel said.
Gross production tax collection figures for April are from February oil and gas activity.
Last month’s collections pushed combined gross receipts for the past 12 months to nearly $13.6 billion, a 2.6% increase that ended a year of contraction in 12-month collections.