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Oklahoma set gross receipt collection records in August

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Kim Jarrett

(The Center Square) - The Oklahoma State Treasury Department collected $1.37 billion in gross receipts in August, a 17.2 percent increase over last year.

According to Treasurer Randy McDaniel, the August collections raised the 12-month total to $16.82 billion, another record.

"Gross receipts paint a positive picture of Oklahoma's economy during a time many people find challenging," McDaniel said. "Inflation, while moderating from a few months ago, remains a concern. Even so, the fundamentals of our economy remain strong with low unemployment and rising personal income."

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The state also set new records for gross product tax collections with $205.6 million for the month of August. It's a 99.5 percent increase from the previous year, according to McDaniel.

"August payments are from June production when the average price of West Texas Intermediate crude oil was $114.84 per barrel, also a record high," according to the Treasury Department's monthly report.

Tax use receipts are also up by $1 billion or 15 percent in the past twelve months when compared to the same time period last year. McDaniel said an increase in online shopping was the main contributor to the increase.

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Gross income tax collections increased by 16.9 percent year over year to $5.85. Individual income tax collections are up by 14.6 percent, while corporate collections are up 30 percent, according to McDaniel.

Despite the high collections, the monthly Oklahoma Business Conditions Index declined to 60.7 in August from 63.2 in July.

"The outlook remains positive as numbers above 50 indicate economic expansion during the next three to six months," according to the Treasury Department.