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Thursday, November 21, 2024

Oklahoma's miscellaneous tax revenues up 14.8% in Q4 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 $341 million in miscellaneous tax revenue during the fourth quarter of 2023, a 14.8% increase over the previous quarter, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

Miscellaneous tax revenue reached $297 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.

Q4 2023 Oklahoma Tax Collections

Type of TaxAmount (millions)
Sales and Gross Receipts Taxes$1,394
Income Taxes$1,161
License Taxes$219
Miscellaneous Taxes$341

Source: U.S. Census Bureau

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