Gross receipts continue decline

Gross receipts to the state treasury took their biggest yearover- year drop since last summer, Treasurer Randy McDaniel reported Thursday.

Receipts were $ 1.19 billion, down 5.7% from the same month a year ago, as COVID-19 infections and deaths reached record highs.

“Oklahomans have demonstrated remarkable strength and resiliency during the past year, but the state economy is clearly not immune to the fiscal impact caused by the pandemic,” McDaniel said in a press release.

Gross receipts are all taxes paid to the state treasury, including those collected on behalf of local governments and money later returned to taxpayers as refunds and rebates.

Of the state's two primary revenue streams, sales tax receipts were essentially flat from a year ago but individual income tax payments were off 7.5%. McDaniel said that may be tied to an interruption in federal unemployment benefits.

One of the few bright spots in the January report was a 10% spike in use tax receipts, amounting to $8.3 million. Use taxes are paid on out-of-state purchases, including those made via the internet.

Gross production tax receipts continued to run far below recent years, although January's collections do not reflect recent price increases for both oil and natural gas.

Collections from medical marijuana rose nearly 60% but remain a tiny portion of state revenue — just $5.2 million in January out of the $1.19 billion total.

Motor vehicle taxes were off 2.3%.