HomeEconomyOklahoma Revenue Collections in September Set Record

Oklahoma Revenue Collections in September Set Record

OKLAHOMA CITY (AP) — Oklahoma collected a one month record amount of revenue in September, and for the previous 12 month period as well, state Treasurer Randy McDaniel said Wednesday.

The state collected $1.38 billion during September to bring total collections for the 12 month period to $14.5 billion, according to McDaniel.

“Gross receipts show improvement across the board with every revenue source producing strong results,” McDaniel said.

September collections were 20% more than in September 2020, according to the treasurer’s office.

Among the increases were corporate and income taxes generating $530 million, $77.3 million more than one year ago. Sales and use taxes rose by $74 million to $531.8 million and gross production taxes on oil and natural gas increased by $59.7 million to $106.1 million.

During the previous 12 months, corporate and individual income tax collections totaled nearly $5.1 billion, a $312.3 million increase over the prior 12 month total.

During the same period, sales and use taxes rose by $565.5 million to $6 billion and production taxes on oil and natural gas increased by $227.1 million to $936 million as the price of oil rose as high as $72.49 per barrel in July, the highest price since November 2014.

Sign up for our weekly newsletter for our weekly newsletter and get the latest 405 news & events happening straight to your inbox!

Featured Stories

2022 Innovator Awards

New ideas, new products and new ways to approach problems are what alter, advance and propel companies forward. In fact, 50 percent of the...

“In Awe” of the Journey

Stephen and Staci Nelson spent more than a decade trying to have children. Now a decade removed from those struggles, they have six children...

Discovering Utopia

Sharina Perry wanted to reinvent petroleum-based plastics using sustainable, renewable materials. Two quick years and one pandemic later and Utopia Plastix is on the...