Oklahoma tax collections rise, led by oil and gas revenue

OKLAHOMA CITY (AP) — Oklahoma collected $1.1 billion in total taxes during March, surpassing March 2020 collections by $35.1 million, an increase of 3.2%, state Treasurer Randy McDaniel said Tuesday.

The year-over-year increase is just the second time in the past year that monthly collections topped the prior year’s total, and total collections for the past 12 months remain down, McDaniel said.

“This positive economic report is encouraging news,” McDaniel said. “Among the more favorable signs is the upward trend in oil and natural gas activity.”

Collections on oil and natural gas production rose by 15.1% to $90.8 million in March to lead to the increased collections that had slumped during the coronavirus pandemic and plunging oil prices.

The last time monthly receipts topped prior year collections was in July, a boost that McDaniel said was due to a three-month delay in income tax filings last year.

Individual and corporate income tax collections totaled $412 million, a 7.7% increase from March 2020, while sales tax collections of $363.6 million was a decline of 1.3%, according to McDaniel’s report.

For the past year, total collections of $13.15 billion are 4.2%, or $572.9 million, below collections from the previous 12 months, according to the report.