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Thursday, November 21, 2024

Oklahoma's miscellaneous tax revenues down 3.6% in Q3 2023

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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 $297 million in miscellaneous tax revenue during the third quarter of 2023, a 3.6% decrease from the previous quarter, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

Miscellaneous tax revenue reached $308 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.

Q3 2023 Oklahoma Tax Collections

Type of TaxAmount (millions)
Sales and Gross Receipts Taxes$1,392
Income Taxes$1,241
License Taxes$242
Miscellaneous Taxes$297

Source: U.S. Census Bureau

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