Oklahoma sets December record for gross receipts
Oklahoma collected $1.4 billion in gross receipts in December, a record-high for the state and a 22% increase over last year’s collections, according to a news release from State Treasurer Randy McDaniel.
Gross receipts collected in 2021 also set a record and were almost $2 billion higher than 2020, McDaniel said.
Less than half of the state’s gross receipts are added to Oklahoma’s main operating account, the general revenue fund, McDaniel said. The rest is distributed to other state funds, cities and counties and used to remit rebates and refunds.
Reports on general revenue fund collections are issued by the Oklahoma Office of Management and Enterprise.
The biggest jump in December gross receipts was in sales and use tax, which increased by 19.9%, according to the numbers from the treasurer’s office. Gross receipts of corporate tax collections also increased 19.2%.
“Christmas is a special time for families,” McDaniel said. “Economic activity improved this year as evidenced by an almost 20% increase in sales and use tax receipts. The numbers are once again proving the resiliency of Oklahomans.”
In addition to the increase in sales and use taxes, corporate and income tax receipts were up 11.8% in December, and motor vehicle taxes were up 9.9%.
Year-end numbers showed a 15.1% increase over 2020 numbers with oil and gas gross receipts up the most, according to the figures. The state collected $1.16 billion, an 84.2% increase over last year, according to the state treasurer’s office.
Also up by double digits were combined sales and use taxes at 14.6% and motor vehicle gross receipts, which were up 11.9%.
The state collected $66.2 million in gross receipts from the sale of medical marijuana, which was a 17.7% increase over last year.
Gross income tax receipts were up 9.4% with the biggest jump coming from corporate taxes, which increased 26.4%. Individual income tax collections were up 9.4%.
This article was originally posted on Oklahoma sets December record for gross receipts