OKLAHOMA CITY (AP) — Oklahoma tax collections in April rose by 38.3% from April 2020, the first full month of the economic downturn during the coronavirus pandemic, state Treasurer Randy McDaniel said Thursday.
Collections totaled $1.49 billion, led by a $73 million, or 120.3%, increase in oil and natural gas taxes, according to McDaniel.
Oil and gas revenue reflect production during February when natural gas prices spiked during the record cold snap and crude oil prices were rising, McDaniel said.
Combined corporate and individual income tax collections were up 36.4% and sales and use taxes rose by 32% from one year ago numbers, generating $553.4 million and $568.1 million respectively.
"Oklahoma's economy was hitting on all cylinders in April," McDaniel said. "Consumer confidence is on the rise, reflecting growing optimism about the economy."
The tax on medical marijuana also showed a sharp increase of 45% with collections rising by $1.9 million to a total of $6.2 million.