Oklahoma Revenue Collections Fall $502.5M Due to Coronavirus

May 8, 2020

Credit Office of the State Treasurer

OKLAHOMA CITY (AP) — Revenue collections in Oklahoma fell by half a billion dollars in April from a year ago as an economic slowdown caused by the coronavirus pandemic swept the state, Treasurer Randy McDaniel said Thursday.

Gross receipts fell $502.5 million to just under $1.1 billion, down 31.8% from April 2019, McDaniel said.

Income tax collections fell by 50.5% to $405.8 million. McDaniel noted that the filing deadline for income taxes was postponed from April 15 until July 15 because of the pandemic.

Gross production taxes on the sale of oil and natural gas totaled $60.7 million, down $19.1 million, or 24%, from last April year, and do not reflect the impact of plunging oil prices because collections are based on February sales when oil was more than $50 per barrel.

Some businesses are reopening under plans announced by Gov. Kevin Stitt, who said Wednesday that those plans are moving forward.

“We are on track to continue with our safely reopening plan ... we are on track to begin Phase II starting May 15,” Stitt said.

Phase II includes the reopening of bars, funerals and weddings, and church nurseries under a plan Stitt announced in late April.