State revenues overall are down slightly compared to last February  but sales tax receipts are up by almost 8 percent, State Treasurer Randy McDaniel said.

Collections from all sources in February 2021 were $950.8 million, down by $6 million, or 0.6 percent, from February 2020.

 Since March of last year, monthly gross revenue has been below prior year collections every month except one, and that was due to the delayed income tax filings in July.

February sales tax collections exceed those of the prior February by $28.2 million, or 7.9 percent. It marks only the second time in the past year that sales tax receipts have exceeded those of the same month of the prior year. Both instances are likely due to expenditure of the two rounds of federal stimulus payments.

“The Oklahoma economy is performing better than many other states,” McDaniel said. “While gross receipts indicate the pandemic is constraining business and personal activity, the state is responding to the significant financial and social challenges relatively well.”

Combined income tax receipts for the month dropped slightly, with individual income tax collections up by 2.2 percent and corporate receipts down by 56.4 percent. Gross production collections are down by 45.9 percent and motor vehicle receipts are off by 9 percent.

The largest percentage of revenue growth for the month and past year is from the medical marijuana tax. The marijuana tax produced $5.5 million in February, a 64.7 percent increase over the year.

For the past 12 months, the marijuana tax has produced $60.3 million, a jump of more than 100 percent from the trailing period.

Combined revenues from the past 12 months of $13.11 billion are below collections from the previous 12 months by $601.6 million, or 4.4 percent.

All major revenue sources for the state show contraction during the period ranging from gross production taxes at 43.6 percent to combined income taxes at 0.8 percent.

The latest unemployment data available is from December, when the rate in Oklahoma was set at 5.3 percent, according to the U.S. Bureau of Labor Statistics.

The state’s jobless rate was down from 6.1 percent in November, but up from 3.4 percent in December 2019. The U.S. unemployment rate was set at 6.7 percent in December.

Compared to gross revenues from February 2020, collections in February 2021 showed:

• Total February 2021 collections are $950.8 million, down $6 million, or 0.6 percent.
• Gross income tax collections, a combination of individual and corporate income taxes, generated $292 million, down by $1.3 million, or 0.4 percent. 
• Individual income tax collections are $286.2 million, an increase of $6.2 million, or 2.2 percent.
• Corporate collections are $5.8 million, down by $7.5 million, or 56.4 percent.
• Combined sales and use tax collections, including remittances on behalf of cities and counties, total $449.1 million – up by $39.8 million, or 7.9 percent. 
• Sales tax collections total $384.5 million, an increase of $28.2 million, or 7.9 percent.
• Use tax receipts, collected on out-of-state purchases including internet sales, generated $64.6 million, an increase of $11.7 million, or 22 percent. 
• Gross production taxes on oil and natural gas total $45.9 million, a decrease of $39 million, or 45.9 percent.
• Motor vehicle taxes produced $50.9 million, down by $5 million, or 9 percent.
• Other collections composed of some 60 different sources including taxes on fuel, tobacco, medical marijuana, and alcoholic beverages, produced $113 million – down by $493,273, or 0.4 percent.
• The medical marijuana tax produced $5.5 million, up by $2.1 million, or 64.7 percent from February 2020.