Oklahoma’s oil and gas tax revenue fell in March

The amount of gross production tax revenue from Oklahoma’s oil and gas production took another hit in March.

State Treasurer Todd Russ reports the tax totaled $1.12 billion, down $901.2 million or 44.6% for the same 12-month period.

He said total tax receipts for the past year through March came to $16.85 billion, a decline of 4.5% or $787 million.

Compared to February, Oklahoma’s gross receipts totaled $1.34 billion, up $153.33 million or 12.9% from February.

The state saw an increase in income tax of $97.4 million or 25.3%. There was an increase in sales and use tax of $50.7 million or 9.8%.

While oil and gas gross production tax revenue was down more than 12%, motor vehicle taxes increased by $8.9 million or 11.7%.

The post Oklahoma’s oil and gas tax revenue fell in March first appeared on Oklahoma Energy Today.