Oil and Gas Tax Revenue Hits 17-year Low in Oklahoma

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A 17-year low has been reached in Oklahoma’s gross production oil and gas taxes, according to State Treasurer Ken Miller who said the $20.8 million in April collections are the lowest since May 1999.

He said gross production collections continue a 16-month trend of being less than the same month of the previous year. The April collections were down $12.4 million or 37.2 percent from April of 2015. Compared to March, said Miller, the gross production collections are down by $2.8 million or 12 percent.

Motor vehicle taxes produced $61.9 million, a drop of $4.4 million or 6.6 percent from April of 2015.

The State’s total gross receipts for the month were $1.18 billion, the smallest April in four years and were also less than April of 2015 by $140.4 million or nearly eleven percent.

Miller also said 12-month gross receipts to the treasury totaled $11.26 billion, the lowest since June 2013.

“As measured by Gross Receipts to the Treasury, the gains received during the expansion following the Great Recession have been returned,” said Miller. The state’s anchor industry continues to work through a supply-driven contraction and the effect is being seen in each of Oklahoma’s revenue streams.”

He said both the April and 12-month Gross Receipts to the Treasury show shrinkage in every major revenue source compared to the prior periods.

There was also a decline in gross income tax collections which totaled 4604.3 million or a drop of $101.3 million or 14.4 percent from the previous April.

Personal income tax collections were $525.3 million, a decline of $108.8 million or 17.2 percent from a year ago. Sales tax collections totaled $357.7 million in April, a drop of $11.7 million or 3.2 percent from April 2015.