All  revenue sources rose in the past 12 months as Oklahoma set a new record with more than $14,500,000,000 in tax revenue.

State Treasurer Randy McDaniel said revenues for  September also set a record, reaching $1.38 billion and exceeded results from September of last year by 20 percent.

“Gross receipts show improvement across the board with every revenue source producing strong results,” McDaniel said. “The revenue report, coupled with low unemployment, reflect the healthy status of the state economy.”

In September, combined sales and use taxes, with total income and motor vehicle taxes, grew by double digits. The gross production tax on oil and gas is up during the month by almost 130 percent as commodity prices continue to rise.

September gross production collections are from oil field activity in July, when West Texas Intermediate Crude Oil at Cushing averaged $72.49 per barrel – the highest price since November 2014.

During the past 12 months, all revenue streams show healthy growth with gross production receipts leading the way – up by 32 percent over the previous period. Motor vehicle taxes and total sales and use taxes both are up by more than 10 percent during the year.

The August unemployment rate in Oklahoma was reported as 3.2 percent by the U.S. Bureau of Labor Statistics. The state’s jobless rate was down from 3.5 percent in July and from 6.3 percent in August 2020.

September collections

Compared to gross receipts from September 2020, collections in September 2021 show:

• Total monthly gross collections are $1.38 billion, up $229.8 million, or 20 percent.
• Gross income tax collections were $530 million, up by $77.3 million, or 17.1%.
• Individual income tax collections are $373.3 million, an increase of $27 million, or 7.8%.
• Corporate collections are $156.7 million, up by $50.3 million, or 47.3%.
• Combined sales and use tax collections total $531.8 million – up by $74 million (16.2 %).
• Sales tax collections total $456 million, an increase of $63 million, or 16%.
• Use tax receipts, collected on out-of-state purchases including internet sales, generated $75.8 million, an increase of $11.1 million, or 17.1 %.
• Gross production taxes on oil and natural gas total $106.1 million, an increase of $59.7 million, or 128.7%.
• Motor vehicle taxes produced $70.7 million, up by $11.7 million, or 19.9%.
• Other collections including taxes on fuel, tobacco, medical marijuana, and alcoholic beverages, produced $140.5 million – up by $7 million, or 5.3%.
• The medical marijuana tax produced $5.4 million, up by $68,765, or 1.2% from September 2020.

Combined tax receipts for past 12 months compared to the trailing 12 months show:

• Gross revenue totals $14.52 billion. That is $1.26 billion, or 9.5%, above collections from the previous period.
• Gross income taxes generated $5.08 billion, an increase of $312.3 million, or 6.5%.
• Individual income tax collections total $4.27 billion, up by $169 million, or 4.1%.
• Corporate collections are $808.2 million, an increase of $143.3 million, or 21.6%.
• Combined sales and use taxes generated $6.02 billion, an increase of $565.5 million, or 10.4%.
• Gross sales tax receipts total $5.13 billion, up by $432.7 million, or 9.2%.
• Use tax collections generated $891.5 million, an increase of $132.8 million, or 17.5%.
• Oil and gas gross production tax collections generated $936 million, up by $227.1 million, or 32%.
• Motor vehicle collections total $853.5 million, an increase of $79.9 million, or 10.3%.
• Other sources generated $1.63 billion, up by $75.6 million, or 4.9%. Medical marijuana taxes generated $66.6 million, up by $16.4 million, or 32.6%.