OKLAHOMA CITY – State tax revenues indicate Oklahoma’s economy is rapidly emerging from the pandemic-driven downturn as every major revenue stream shows strong growth, State Treasurer Randy McDaniel said.

Total collections in May generated $1.24 billion, a jump of more than 34 percent from the same month of last year. Combined receipts from the past 12 months are at an all-time high but are partially inflated by last July’s delayed income tax filing deadline.

“What a difference a year can make,” McDaniel said. “At this time last year, unemployment was high, numerous businesses had significantly reduced operations, and many people were quarantined in their homes. Today, pent-up demand has been unleashed and the economy is performing quite well.”

Combined sales and use tax collections for the month are up by 26 percent. Motor vehicle receipts are 16.6 percent higher than May of 2020.

May’s gross production tax on oil and gas activity generated $87.3 million, a jump of almost 128 percent from the prior year. Collections for the month reflect oil field production during March when oil was more than $62 per barrel after falling below $20 per barrel during the prior year.

Combined gross receipts from the past 12 months of $13.88 billion are above collections from the previous 12 months by $808 million, or 6.2 percent. Every major revenue stream except gross production shows growth during the 12 months, but those collections are quickly recovering.

The April unemployment rate in Oklahoma was reported as 4.3 percent, according to the U.S. Bureau of Labor Statistics. The state’s jobless rate was unchanged from March, but down significantly from 13 percent in April 2020. The U.S. unemployment rate was set at 6.1 percent in April.

Combined gross revenues for past 12 months compared to the trailing 12 months show:

• Gross revenue totals $13.88 billion. That is $808 million, or 6.2 percent, above collections from the previous period.
• Gross income taxes generated $5.02 billion, an increase of $655.6 million, or 15 percent. 
• Individual income tax collections total $4.25 billion, up by $382.6 million, or 9.9 percent.
• Corporate collections are $774.8 million, an increase of $273 million, or 54.4 percent.
• Combined sales and use taxes generated $5.77 billion, an increase of $293.5 million, or 5.4 percent. 
• Gross sales tax receipts total $4.91 billion, up by $175.1 million, or 3.7 percent.
• Use tax collections generated $854 million, an increase of $118.4 million, or 16.1 percent.
• Oil and gas gross production tax collections generated $694.2 million, down by $207.5 million, or 23 percent.
• Motor vehicle collections total $812 million, an increase of $35.9 million, or 4.6 percent.
• Other sources generated $1.58 billion, up by $30.4 million, or 2 percent.
• Medical marijuana taxes generated $65.6 million, up by $26.6 million, or 68 percent.