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Saturday, November 16, 2024

Oklahoma's combined tax revenues down 11.7% from Q2 to Q3 2022

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Mark Wood tax Commissioner at Oklahoma Tax Commission | Oklahoma Tax Commission

Mark Wood tax Commissioner at Oklahoma Tax Commission | Oklahoma Tax Commission

Combined tax revenues in Oklahoma decreased 11.7% in the third 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 $3.5 billion in taxes during the third quarter of 2022, compared to $4 billion in the previous quarter.

The majority of the state’s tax revenue was collected through general sales and gross receipts taxes ($1.4 billion) and income taxes ($1.3 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.

Q3 Oklahoma Tax Collections
Type of TaxAmount (millions)
Sales and Gross Receipts Taxes$1,376
Income Taxes$1,264
Other Taxes$616
License Taxes$246
Source: U.S. Census Bureau

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