Oklahoma: Oil & gasoline receipts down 35%, marijuana up 60%

That lets you know one thing concerning the globe we’re moving into…..

OKLAHOMA CITY (KOKH) – January Gross Receipts dropped by nearly 6% in comparison to month-to-month collections from January of this past year within the biggest revenue that is one-month in eight months.

Collections from all sources in total $1.19 billion, down by $72.1 million.

“Oklahomans january have actually demonstrated strength that is remarkable resiliency during the past year, but the state economy is clearly not immune to the fiscal impact caused by the pandemic,” Treasurer McDaniel said. “Even so, we continue to anticipate recovery as public health improves and activity that is economic.”

Collections through the production that is gross on crude oil and natural gas has fallen by nearly 35% during the month.

Combined sales and use tax receipts rose above prior collections by $8.1 million.(* year) https://oklahoman.com/article/5661717/oklahoma-cannabis-industry-smashes-record-monthly-sales-number-in-april

January collections

  • Total January 2021 gross collections are $1.19 billion, down $72.1 million, or 5.7%.
  • Gross tax collections, a mix of specific and income that is corporate, generated $432.4 million, down by $37.9 million, or 8%.
  • Individual income tax collections are $381.5 million, a decrease of $30.8 million, or 7.5%.
  • Corporate collections are $50.9 million, down by $7 million, or 12.2%.
  • Combined sales and use tax collections, including remittances on behalf of cities and counties, total $506.4 million – up by $8.1 million, or 1.6%.
  • Sales tax collections total $415.1 million, a decrease of $156,089, or 0.04%.
  • Use tax receipts, collected on out-of-state purchases including sales that are internet created $91.2 million, a growth of $8.3 million, or 9.9%.
  • Gross manufacturing fees on oil and gas that is natural $57.5 million, a decrease of $30.8 million, or 34.9%.
  • Motor vehicle fees produced $64.5 million, down by $1.5 million, or 2.3%.
  • Other collections consists of some 60 various sources including fees on gas, tobacco, medical cannabis, and alcohol consumption, produced $126.2 million – down by ten dollars million, or 7.3%.
  • The medical cannabis income tax produced $5.2 million, up by $2 million, or 59.7%.

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