The City Sentinel

Two Years of Oklahoma Growth Revenue

Darla Shelden Story by on June 19, 2019 . Click on author name to view all articles by this author. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.
Oklahoma Gross Receipts Fiscal Year 2018 vs. Fiscal Year 2019. Source: Oklahoma Treasurer’s Economic Reports. Photo provided.

Oklahoma Gross Receipts Fiscal Year 2018 vs. Fiscal Year 2019. Source: Oklahoma Treasurer’s Economic Reports. Photo provided.

Curtis Shelton, OCPA Policy Fellow

Oklahoma’s state treasurer has released the monthly report for May revenue collections. The report shows total gross receipts collected in May were $1.07 billion— a 10.6 percent, or $103 million, increase over the same month from the prior year. This marks the 24th month in a row of year over year revenue growth.

New revenue from House Bill 1010xx amounted to $58.4 million, or 57 percent, of the total growth for the month. Legislative changes have now amounted to $507 million or 38 percent of total revenue growth for fiscal year 2019.

The change in the gross production tax from 2 percent to 5 percent brought in the largest amount of new revenue at $31.1 million. The $1 increase in a pack of cigarettes brought in $14.9 million, while the six-cent increase in the diesel fuel tax brought in the smallest amount at $12.4 million. Of the four major tax sources, the gross production tax saw the largest percentage increase year-to-year at 26.8 percent.

The motor vehicle tax was the only major source that saw a year over year decline at 9.4 percent.

The two charts accompanying this story illustrate in graphic form the conclusions of the analysis.

NOTE: This analysis first appeared at the website of the Oklahoma Council of Public Affairs.

Change in Total Gross Receipts: Legislative Changes vs. Economic Growth. Source: Oklahoma Treasurer’s Economic Reports. Photo provided.

Change in Total Gross Receipts: Legislative Changes vs. Economic Growth. Source: Oklahoma Treasurer’s Economic Reports. Photo provided.

Curtis Shelton, policy fellow, pictured in the library of the Oklahoma Council of Public Affairs in Oklahoma City. Photo provided.

Curtis Shelton, policy fellow, pictured in the library of the Oklahoma Council of Public Affairs in Oklahoma City. Photo provided.

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