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Saturday, November 23, 2024

Oklahoma's combined tax revenues down 4.2% from Q4 to Q1 2022

Combined tax revenues in Oklahoma decreased 4.2% in the first quarter of 2022 in comparison to the previous quarter, according to the U.S. Census Bureau’s Quarterly Summary of State and Local Taxes.

Overall, Oklahoma collected $2.9 billion in taxes during the first quarter of 2022, compared to $3 billion in the previous quarter.

The majority of the state’s tax revenue was collected through general sales and gross receipts taxes ($1.2 billion) and income taxes ($1.1 billion).

In addition to detailed tax revenue data from each state, the Quarterly Summary of State and Local Government Tax Revenue includes an estimate of state and local government tax revenue at a national level.

The Census Bureau cautions that it sets the tax classifications among the survey categories, and they may differ from the classifications set by the state governments.

Q1 Oklahoma Tax Collections
Type of TaxAmount (millions)
Sales and Gross Receipts Taxes$1,216
Income Taxes$1,050
Other Taxes$434
License Taxes$222
Source: U.S. Census Bureau

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