– Revenue total of $16.88B for the last 12 months, a decrease of $53.35M, or 0.3%, over the last year.
– Year-over-year monthly comparisons show an overall decrease of $21.8M or 1.7%.
– Decrease in revenue of 36.3% over last month.
– Two tax sources increased over the last month.
– Gross Production Tax of $89.8M, up 2.1%,
– Motor Vehicle Tax of $77.9M up 6.5%,
– Total Sales and Use Tax of $573.3M down 2.7%,
– Total Income Tax of $410.7M down 63.2% and
– Other Tax Sources of $131.2M down 11.8%.
The state’s Business Conditions Index for May dropped to 50.5 from April’s 56.8. Components of the overall May index were: new orders at 50.3; production or sales at 47.8; delivery lead time at 53.6; inventories at 51.5; and employment at 49.4. According to ITA data, the Oklahoma manufacturing sector exported $1.8 billion in goods for the first quarter of 2025 compared to $1.7 billion for the same period in 2024, for a 6.4% gain.
Formally known as the Gross Receipts Report, this report is a timely, broad view of the state’s economy and 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
Tax Revenue total of $16.88 billion, down $53.4 million or 0.3 percent.
- Combined individual income tax and corporate income tax $6.5 billion, up $310.7 million or 5 percent.
- Individual tax of $5.6 billion, up $343.8 million or 6.6 percent.
- Corporate tax of $892.4 million, down $33.2 million or 3.6 percent.
- Combined sales tax and use tax–including city and county remittances–of $6.9 billion, down $237.1 million or 3.3 percent.
- Sales tax of $5.65 billion, down $299.7 million or 5.0 percent.
- Use tax, received on out-of-state and Internet purchases, of $1.2 billion, up $62,6 million or 5.3 percent.
- Oil and gas gross production tax of $1.01 million, down $101.9 million or 9.1 percent.
- Motor vehicle tax of $882.9 million, up $16.5 million or 1.8 percent.
- Other sources, including 70 different revenues, of $1.62 billion, down $8.5 million or 0.5 percent.
Monthly Comparison
Tax Revenue total of $1.28 billion, down $21.8 million or 1.7 percent for May 2025 vs. 2024.
- Income tax of $410.7 billion, down $14.4 million or 3.4 percent.
- Individual tax of $371.7 million, down $9.5 million or 2.5 percent.
- Corporate tax of $39 million, down $4.9 million or 11.2 percent.
- Sales and use tax of $573.3 million, down $9.1 million or 1.6 percent.
- Sales tax of $472 million, down $16 million or 3.3 percent.
- Use tax of $101.3 million, up $6.8 million or 7.2 percent.
- Gross production taxes of $89.8 million, up $2.7 million or 3.1 percent.
- Motor vehicle taxes of $77.9 million, down $2.5 million or 3.2 percent.
- Other sources of $131.2 million, up $1.6 million or 1.2 percent.
Month-Over-Month Comparison
Tax revenue total of $1.28 billion, down $732.4 million or 36.3 percent from last month following the largest month of tax season (April).
- Decrease in income tax of $705.4 million or 63.2 percent.
- Decrease in sales and use tax of $16 million or 2.7 percent.
- Increase in gross production taxes of $1.8 million or 2.1 percent.
- Increase in motor vehicle taxes of $4.7 million or 6.5 percent.
- Decrease in other sources of $17.6 million or 11.8 percent.
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