Receipts for the last 12 months total $16.87B, a decrease of $46.95M, or 0.3%, when comparing revenue from the previous year. However, month-over-month comparisons show an increase of 7%. Gross Production Tax or “GPT” totals equal $84M, up $4.8M or 6.1% over the previous month. 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
OK Unemployment for December — 3.3% seasonally adjusted rate, remaining the same since October.
US Unemployment for December — 4.1% seasonally adjusted rate, increasing 0.1% from November.
Consumer Price Index — Up 0.4% in December on a seasonally adjusted basis, after increasing 0.3% in November.
- The index for energy rose 2.6% in December, accounting for over forty percent of the monthly all items increase. The gasoline index increased 4.4% over the month. The index for food also increased in December, rising 0.3% as both the index for food at home and the index for food away from home increased 0.3% each.
- The index for all items less food and energy rose 0.2% in December, after increasing 0.3% in each of the previous 4 months. Indexes that increased in December include shelter, airline fares, used cars and trucks, new vehicles, motor vehicle insurance, and medical care. The indexes for personal care, and communication were among the few major indexes that decreased over the month.
The state’s Business Conditions Index for January increased over last month.
Jan. 48.7 Feb 46.9 March 53.3 April 54.7 May 48.4 June 47.5
July 49.3 Aug. 48.0 Sept. 45.7 Oct. 52.1 Nov. 50.2 Dec 52.7
Components of the overall January index were: new orders at 49.4; production or sales at 48.3; delivery lead time at 59.3; inventories at 55.5; and employment at 59.1. According to the latest U.S. International Trade Administration data, Oklahoma expanded 2024 year-to-date manufacturing exports by $1.3 billion from the same period in 2023 for a 22.7% gain.
As a timely, broad view of the state’s economy the report releases in conjunction with the General Revenue Fund report. Providing information to state agencies for budgetary planning purposes, the General Revenue Fund acts as the state’s main operating account and receives a portion of the state’s gross receipts as well as state, city and county funds.
12-Month Period End Comparison
Gross receipts total $16.87 billion, down $46.95 million or 0.3 percent.
- Combined individual income tax and corporate income tax $6.3 billion, up $241.4 million or 4.0 percent.
- Individual tax of $5.4 billion, up $284.7 million or 5.6 percent.
- Corporate tax of $913.9 million, down $43.4 million or 4.5 percent.
- Combined sales tax and use tax–including city and county remittances–of $6.9 billion, down $137.1 million or 1.9 percent.
- Sales tax of $5.8 billion, down $203.1 million or 3.4 percent.
- Use tax, received on out-of-state and Internet purchases, of $1.2 billion, up $65.9 million or 5.7 percent.
- Oil and gas gross production tax of $994.3 million, down $229.1 million or 18.7 percent.
- Motor vehicle tax of $927.9 million, up $62.2 million or 7.2 percent.
- Other sources, including 70 different revenues, of $1.65 billion, up $15.7 million or 1.0 percent.
Monthly Comparison
Gross receipts total $1.51 billion, down $1.6 million or 0.1 percent for January 2025 vs. 2024.
- Income tax of $606.1 million, up $15.3 million or 2.6 percent.
- Individual tax of $529.4 million, up $15.9 million or 3.1 percent.
- Corporate tax of $76.7 million, down $0.6 million or 0.7 percent.
- Sales and use tax of $608.9 million, down $17.2 million or 2.7 percent.
- Sales tax of $472.2 million, down $32.4 million or 6.4 percent.
- Use tax of $136.7 million, up $15.3 million or 12.6 percent.
- Gross production taxes of $84 million, down $6 million or 6.7 percent.
- Motor vehicle taxes of $72.6 million, up $6.5 million or 9.8 percent.
- Other sources of $141.2 million, down $0.2 million or 0.1 percent.
Month-Over-Month Comparison
Gross receipts total $1.51 billion, up $98.6 million or 7 percent from last month.
- Increase in income tax of $53.7 million or 9.7 percent.
- Increase in sales and use tax of $28 million or 4.8 percent.
- Increase in gross production taxes of $4.8 million or 6.1 percent.
- Increase in motor vehicle taxes of $0.5 million or 0.7 percent.
- Decrease in other sources of $11.6 million or 8.9 percent.
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