OKLAHOMA CITY — Collections of the use tax on out-of-state sales, including online purchases, set a record high in January, while total revenue remained relatively flat, State Treasurer Randy McDaniel announced today.
January total monthly collections were $1.26 billion, up by $17.4 million, or 1.4%, from January 2019. Use tax receipts generated $83 million, up by almost 19% from the prior year. However, collections from four of the six major revenue streams were less than the same month of the prior year.
Only use tax and corporate income tax receipts rose above prior year levels during the month. Individual income, sales, gross production, and motor vehicle taxes saw decreases ranging from 11.8% to 0.1%.
January sales and use tax collections reflect purchases made during most of December, a majority of the holiday shopping season. When combined, they are up by 1.7% from January of last year.
Sales tax collections for the month were down from the prior year – as has been the case in seven of the past eight months – but analysis shows most of the slowdown is spillover from reduced spending in the oil and gas industry.
Gross production taxes on oil and gas production, at $88.3 million in January, were down by $11.8 million, or nearly 12%. January marked the fifth consecutive month of contraction in those revenues.
Total receipts from the last 12 months were reported as $13.73 billion, an increase of $660.2 million, or 5.1%, over the trailing 12 months.
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