Two Years of Oklahoma Growth Revenue
Published: June 15th, 2019
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.
(https://capitolbeatok.worldsecuresystems.com/reports/economic-activity-state-revenues-grew-in-may-mcdaniel-reports-weather-impact-not-yet-measured )
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 this analysis.
NOTE: This analysis first appeared at the website of the Oklahoma Council of Public Affairs (https://ocpathink.org/post/two-years-of-oklahoma-revenue-growth).