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Thursday, November 21, 2024

Oklahoma's combined tax revenues down 3.9% in Q1 compared to same quarter of the previous year

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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 $2.9 billion in income, license, miscellaneous other and sales and gross receipts taxes during the first quarter of 2024, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

This represents a 3.9% decrease from the same quarter of the previous year, when combined tax revenues were $3 billion.

The majority of the state's tax revenue was collected through sales and gross receipts taxes ($1.3 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 it sets the tax classifications among the survey categories, and they may differ from the classifications set by the state governments. Also, not all states collect all types of taxes.

Q1 Oklahoma Tax Collections

Type of TaxAmount (millions)
Income Taxes$1,057
License Taxes$235
Other Taxes$301
Sales and Gross Receipts Taxes$1,324

Source: U.S. Census Bureau

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