State gross tax revenue down slightly from the previous year | Government and Politics

State gross tax revenue down slightly from the previous year |  Government and Politics

Gross tax revenue going to the Oklahoma state treasury was 0.6% lower in February than in the same month a year ago, Treasurer Randy McDaniel said on Wednesday.

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

February’s revenue was bolstered by an almost 8% increase in state and local sales taxes, which McDaniel said could be the result of federal COVID relief payments.

Sales tax revenue, the primary source of revenue for Oklahoma municipalities and one of the state’s two main sources of revenue, accounted for $ 384.5 million of the $ 950.8 million in total February collections.

User taxes – sales taxes paid on goods purchased out of state – added $ 64.6 million, a 22% increase from the previous year.

Tax revenues, the other main source of government revenue, edged down to $ 292 million due to a sharp decline in corporate tax revenues.

Gross production taxes remained far behind previous highs, but medical marijuana continued to grow strongly.

Still, at $ 5.5 million in February and $ 60 million in the past 12 months, medical marijuana remains a fairly minor component of overall state revenue.

Source

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