Gross Receipts to the Treasury – Okemah News Leader

By Pune Media On Oct 6, 2024 35

Total revenue for September 2024 increased over September 2023 by $17.6M or 1.2% while totals equal $1.49B. Receipts for the last 12 months through September total $16.97B, a decrease of $173.18M, or 1.0%, when comparing revenue from the previous year.

Gross Production Tax or “GPT” totals equal $85.4M, up $1.5Mor 1.81% over the previous month. Other tax sources for the same time period show total income tax increased 63.6%, total sales and use tax decreased 2.3%, motor vehicle tax decreased 4.8% and other sources increased 0.7%.

OK Unemployment for August — 3.4% seasonally adjusted rate, decreasing 0.1% from July.

US Unemployment for August — 4.2% seasonally adjusted rate, decreasing 0.1% from July.

Consumer Price Index — Increased 0.2% in August on a seasonally adjusted basis, after increasing 0.2% in July.

The index for shelter rose 0.5% in August and was the main factor in the all items increase. The food index increased 0.1% in August, after rising 0.2% in July. The index for food away from home rose 0.3% over the month, while the index for food at home was unchanged. The energy index fell 0.8% over the month, after being unchanged the preceding month.
The all items index rose 2.5% for the 12 months ending August, the smallest 12-month increase since February 2021. The all items less food and energy index rose 3.2% over the last 12 months. The energy index decreased 4.0% for the 12 months ending August. The food index increased 2.1% over the last year.

The state’s Business Conditions Index for August saw a decrease over last month.

J 48.7 F 46.9 M 53.3 A 54.7 M 48.4 J 47.5 J 49.3 A48.0

Components of the overall August index were: new orders at 49.2; production or sales at 44.5; delivery lead time at 53.1; inventories at 34.8; and employment at 58.1. However, according to the latest U.S. International Trade Administration data, Oklahoma’s manufacturing sector expanded 2024 year-to-date exports to $3.9 billionfrom $2.9 billion for the same period in 2023 for a 16.9% gain.

As a timely, broad view of the state’s economy the report releases in conjunction with the General Revenue Fund report. Providing information to state agencies for budgetary planning purposes, the General Revenue Fund acts as the state’s main operating account and receives a portion of the state’s gross receipts as well as state, city and county funds.

12-Month Period End Comparison

Gross receipts total $16.97 billion, down $173.2 million or 1.0 percent.

Combined individual income tax and corporate income tax $6.2 billion, up $211.2 million or 3.5 percent.
- Individual tax of $5.3 billion, up $256.2 million or 5.1 percent.
- Corporate tax of $909.2 million, down $45 million or 4.7 percent.
Combined sales tax and use tax–including city and county remittances–of $7.1 billion, up $10.4 million or 0.1 percent.
- Sales tax of $5.9 billion, down $65 million or 1.1 percent.
- Use tax, received on out-of-state and Internet purchases, of $1.2 billion, up $75.5 million or 6.7 percent.

Oil and gas gross production tax of $1.1 billion, down $431.7 million or 28.4 percent.
Motor vehicle tax of $912.1 million, up $35.8 million or 4.1 percent.
Other sources, including 70 different revenues, of $1.64 billion, down by $173.2 million or 1.0 percent.

Monthly Comparison

Gross receipts total $1.49 billion, up $17.6 million or 1.2 percent for September 2024 vs. 2023.

Income tax of $600.9 million, up $34.5 million or 6.1 percent.
- Individual tax of $436.4 million, up $35.9 million or 9.0 percent.
- Corporate tax of $164.5 million, down $1.3 million or 0.8 percent.
Sales and use tax of $52.2 million, down $10.1 million or 1.7 percent.
- Sales tax of $499.9 million, down $9.0 million or 1.8 percent.
- Use tax of $92.3 million, down $1.1 million or 1.2 percent.

Gross production taxes of $85.4 million, down $8 million or 8.5 percent.
Motor vehicle taxes of $76.1 million, up $4.1 million or 5.6 percent.
Other sources of $138.7 million, down $2.9 million or 2.0 percent.

Month-Over-Month Comparison

Gross receipts total $1.49 billion, up $218.3 million or 17.1 percent from last month.

Increase in income tax of $233.5 million or 63.6 percent.
Increase in sales and use tax of $13.7 million or 2.3 percent.
Increase in gross production taxes of $1.5 million or 1.8 percent.
Decrease in motor vehicle taxes of $3.9 million or 4.8 percent.
Decrease in other sources of $0.9 million or 0.7 percent.

View full PDF report below.

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