State December tax reports improve in December

OKLAHOMA CITY — Oklahoma’s latest gross receipts report highlights a significant improvement in revenue collections for December 2024 compared to the previous month.

While year-over-year numbers are slightly down, the month-over-month growth of 17 percent reflects positive economic momentum heading into the new year.

Key highlights from December’s report:

•Income tax collections surged by 48.1 percent, marking a strong rebound in personal and corporate tax contributions.

•Sales and use tax revenue increased by 0.9 percent, indicating steady consumer activity during the holiday season.

•Gross production tax revenue climbed by 18.8 percent, signaling a temporary recovery in the oil and gas sector.

•Motor vehicle tax revenue rose by 20.5 percent, demonstrating strong demand in the auto market.

Treasurer Todd Russ commented on the report, stating, “While the state’s revenue trends may seem wobbly, this is typical for the current economic conditions caused by Fed adjustments.”

Recent Federal Reserve policies, including interest rate adjustments to combat inflation, have influenced consumer spending, investment activity, and business growth across the country. Higher borrowing costs have affected markets, but Oklahoma’s December tax collections suggest that parts of the economy remain resilient. The state’s ability to sustain revenue growth despite these financial conditions reflects its diversified economy and steady employment levels.

Looking ahead, the Treasurer’s office will continue monitoring economic trends for stability and fiscal responsibility as Oklahoma navigates shifting economic conditions.