(The Center Square) - Oklahoma collected more than $2 billion in monthly gross receipts in April, setting a new record, according to State Treasurer Randy McDaniel.
The collections are 37% higher than a year ago, according to a news release from McDaniel's office. The number broke Oklahoma's previous record of $1.58 billion set in April 2019.
The high number of collections is due in part to the annual tax filing deadline. Corporate and income tax payments combined totaled $1.1 billion, according to McDaniel.
"Record performance numbers point to the strength of the state economy," McDaniel said in a news release. "Even so, there are signs that would urge some caution going forward. Sales and use tax receipts are up by less than the rate of inflation, and gross production and motor vehicle revenues are lower than collections of last April."
Inflation rose to 8.5% in March, its highest rate since December of 1981, according to the Bureau of Labor Statistics.
Sales and use tax revenue was up 2.9%, or $16.6 million, with $584.6 million collected, according to McDaniel. Motor vehicle receipts were down by 8.2% in April when compared to last year's numbers, and gross production collections were down by 1.2% from last year, according to the news release.
The 12-month receipts set a new record, coming in at $16.42 billion, up 20% compared to the same time last year, according to McDaniel. The increase sparked more than $1 billion in corporate income over the last 12 months, he said. Gross production is up 111.3%, and motor vehicle taxes are up 9.5%, according to the treasury department.
via Oklahoma's Center Square News