March 9, 2023
By News Director Jared Atha
In his latest report, Oklahoma State Treasurer Todd Russ of Cordell announced on Wednesday that boosted by record receipts from oil and gas production, Gross Receipts to the Treasury in February show the state’s economy continues to expand despite ongoing inflationary pressure.
Collections for the past year are $17.62 billion, up by 12.9 percent, compared to the 12-month collection total in February 2022 of $15.61 billion. For the first time in any 12-month period, oil and gas gross production taxes topped $2 billion.
February receipts of $1.21 billion are up by 13.4 percent from the same month of last year. The monthly sales and use tax revenues of $528.3 million are the highest February on record.
Gross production taxes on oil and natural gas total $124.6 million, an increase of $35.0 million, or 39.1 percent.
In a statement Treasurer Russ said “While inflation remains a major concern, Oklahoma’s economy is benefiting from strong energy prices and low unemployment”.
The latest sales tax reports for municipalities is expected to be released on Friday (March 10).
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