OKLAHOMA CITY (September 6, 2024) – Oklahoma’s tax revenues have grown steadily over the last 12 months, reflecting a 0.12% increase, according to the latest Gross Receipts Report. This slight growth comes after a 0.30% rise in July and highlights the state’s continued economic resilience. In August alone, Oklahoma brought in $1.27 billion in tax revenue, an increase of $24.2 million, or 1.9%, from the same month last year.

Taxpayer Impact:

• Income Tax: Grew by $0.7 million (0.2%), stemming from higher wages.

Sales and Use Tax: Up by $8.6 million (1.4%), fueled by back-to-school spending and tourism.

• Gross Production Tax: Rose by $1.6 million (2%), reflecting strong oil and gas production.

Motor Vehicle Tax: Jumped $4.3 million (5.7%) due to steady vehicle sales.

• Other Tax Sources: Increased by $9 million (7%), showing diverse economic activities.

Oklahoma families likely contributed to the increase in sales tax through back-to-school shopping, purchases made during the state’s tax-free weekend, and spending on last-minute summer trips. These trends show that many Oklahomans are continuing to invest in their households, even during times of economic uncertainty.

State Treasurer Russ commented, “As the Federal Reserve prepares to adjust interest rates, many taxpayers might see lower costs on mortgages and loans. However, those with savings and investments should expect lower returns. Balancing financial decisions will be key in the months ahead.”

On the national front, U.S. payrolls grew by 142,000 jobs, which was lower than expected but understandable given the current high-interest rates. Another sign of a slower job market came from the U.S. Unemployment rate which fell by 0.1% in August, after increasing 0.2% in July. Unemployment in Oklahoma rose by 0.1% in July after a decrease in June, matching trends seen across the country. According to the Labor Department, fewer Americans are filing for unemployment, and businesses are slowing their hiring efforts.

These small but steady increases in tax revenue are a reflection of Oklahoma’s resilient economy and the ongoing efforts of taxpayers to contribute to the state’s growth.