Gross Receipts Show Slowdown in 2020
As the state endured a pandemic, high unemployment and an oil downturn, Gross Receipts to the Treasury show the Oklahoma economy pulled back by almost four percent during calendar year 2020, State Treasurer Randy McDaniel announced today.
Collections from all sources in calendar year 2020 reached $13.19 billion, down by $520.9 million, or 3.8 percent, from calendar year 2019. Gross receipts from December total $1.16 billion, below December receipts from a year ago by 4.8 million, or 0.4 percent.
“The state’s economy declined in 2020, but was bolstered by the resourcefulness of Oklahomans,” Treasurer McDaniel said. “The state has exceeded expectations during a year most of us would like to forget. Hopefully, we will see improvement in the months ahead as the vaccine becomes widely available.”
During the past year, the gross production tax on oil and gas took the biggest hit – down by almost $400 million and close to 40 percent. The remaining major revenue streams, including income, sales and use, and motor vehicle taxes, remained mostly flat. Individual income tax was down less than two percent for the year, while sale tax shrank by almost four percent. Motor vehicle taxes also were down for the year by more than two percent.
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