The Oklahoma Economic Gross Receipts Have Arrived

Oklahoma State Treasurer Todd Russ released the Gross receipts for March 2024.

The following are some highlights from the report:

• OK Unemployment Rate has increased to 3.6% for February after remaining at 3.5% for five months
• US Unemployment Rate has increased to 3.9% as well after remaining at 3.7% for three months
• Consumer prices rose to 0.4% for February, after rising to 0.3% for January
  • Shelter and Gasoline contributed over 60% of the increase with energy rising 2.3%.
  • The food index remained unchanged
• Gross receipts totaled $1.34 billion
  • That’s a $55.9 million decrease from March 2023
• Income Tax is down $17.7 million from $482.5 million, or 3.5%
  • Individual tax is down $4.7 million from $426.8 million
    • A 1.1% decrease
  • Corporate Tax of $55.8 million is down $13 million
    • An 18.9% decrease
• Combined Sales Tax and Use Tax are up $13.9 million from $569.8 million, a 2.5% increase
  • Sales Tax of $477.8 million is up $7.7 million
    • A 1.6% increase
  • Use Tax raised $6.1 million from $92 million
    • A 7.2% increase
• Gross Production Taxes of $82.7 million is down $73.9 million
  • A whopping 47.2% decrease
• Motor Vehicle Taxes of $85 million is up $5.8 million
  • A 7.3% increase
• Other sources of tax, consisting of $123.7 million, are down $16 million
  • A 14.9% decrease