Oklahoma Tax Revenue Rises 2.6% in July

Oklahoma enters Fiscal Year 2027 with billions in reserves and surplus cash (Capitol Update)

As Oklahoma settles into Fiscal Year 2027, which began July 1, advocates for education, health care, public safety, and other state services will begin trying to determine how much funding may become available for appropriation. The new Legislature will convene in February and write the FY 2028 budget in May.  This job has become more complicated in recent years because the Legislature has created various “reserve accounts” where they deposit mo…

Oklahoma Tax Revenue Rises 2.6% in July

Oklahoma collected $1.5 billion in state tax revenue in July, an increase of $36.9 million, or 2.6%, compared with July 2025, according to a report from Oklahoma Treasurer Todd Russ. Collections for the 12-month period ending in July totaled $17.95 billion, an increase of $977.5 million, or 5.8%, from the previous 12-month period. “July’s report shows a steady economic environment,” Russ said. “Manufacturing remains in expansion territory, consumer activity continues to support sales and use tax growth, and inflation is beginning to moderate, signaling balanced conditions as Oklahoma moves further into summer.” Sales and use tax collections totaled $643.6 million in July, up $50.4 million, or 8.5%, from a year earlier. Individual income tax collections over the 12-month period reached $6.3 billion, an increase of $688.4 million, or 12.2%. Annual use tax collections increased 12.5% to $1.4 billion. Gross production tax collections from oil and natural gas totaled $1.1 billion over the 12-month period, an increase of $87.8 million, or 8.3%. Motor vehicle tax collections increased 1.5% to $899.5 million. July marked the 11th consecutive month of growth in the state’s rolling 12-month revenue total. “Oklahoma’s economic resilience is evident across multiple indicators,” Russ said. “Steady consumer spending, strong manufacturing momentum, and moderating inflation all contribute to a stable fiscal foundation as we enter the middle of the year.”