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Friday, November 15, 2024

Oklahoma's miscellaneous tax revenues up 16.4% in Q2 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

Oklahoma collected $505 million in miscellaneous tax revenue during the second quarter of 2022, a 16.4% increase over the previous quarter, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

Miscellaneous tax revenue reached $434 million in the previous quarter.

Net sales reflect companies' total revenue stream, minus the costs of discounts, allowances and product returns.

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.

Q2 2022 Oklahoma Tax Collections

Type of TaxAmount (millions)
Sales and Gross Receipts Taxes$1,436
Income Taxes$1,769
License Taxes$255
Miscellaneous Taxes$505

Source: U.S. Census Bureau

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