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Friday, May 17, 2024

Oklahoma's miscellaneous tax revenues down 6.7% in Q4 2022

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Mark Wood tax Commissioner at Oklahoma Tax Commission | Oklahoma Tax Commission

Mark Wood tax Commissioner at Oklahoma Tax Commission | Oklahoma Tax Commission

Oklahoma collected $575 million in miscellaneous tax revenue during the fourth quarter of 2022, a 6.7% decrease from the previous quarter, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

Miscellaneous tax revenue reached $616 million in the previous quarter.

Net sales reflect companies' total revenue stream, minus the costs of discounts, allowances and product returns.

In addition to detailed tax revenue data from each state, the Quarterly Summary of State and Local Government Tax Revenue includes an estimate of state and local government tax revenue at a national level.

The Census Bureau cautions that it sets the tax classifications among the survey categories, and they may differ from the classifications set by the state governments.

Q4 2022 Oklahoma Tax Collections

Type of TaxAmount (millions)
Sales and Gross Receipts Taxes$1,395
Income Taxes$1,142
License Taxes$219
Miscellaneous Taxes$575

Source: U.S. Census Bureau

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