State tax receipts for May indicate a strengthening economy as COVID-19 restrictions are lifted, Treasurer Randy McDaniel said Tuesday.
“At this time last year, unemployment was high, numerous businesses had significantly reduced operations, and many people were quarantined in their homes,” McDaniel said in a press release. “Today, pent-up demand has been unleashed and the economy is performing quite well.”
Gross receipts to the state treasury were $1.24 billion in May, a 34% increase over the same month a year ago.
Gross receipts for the past 12 months were $13.88 billion, an all-time high for a 12-month period, McDaniel said.
Gross receipts are all taxes paid to the state treasury, including those collected on behalf of local governments and money returned to taxpayers as refunds or rebates.
Perhaps the strongest indicators of a strengthening economy were a 26% year-over-year increase in sales and use tax collections and a 16.6% rise in motor vehicle taxes.
Gross production tax receipts on oil and gas production rose 128% over the same month a year ago as oil prices continue to rise steadily.
At $87.3 million last month, gross production taxes are a relatively small source of revenue compared to sales and income taxes but are still seen as a strong leading economic indicator in Oklahoma.
Gross income tax collections for the month were $404 million, up nearly 40% from the same month a year ago.
Sales and use taxes, including those collected for local governments, were $534.2 million, or $110.1 million more than for the same month a year ago.