Oklahoma's tax revenues up $24.2M over last year

(The Center Square) - Oklahoma's tax revenue in August is up by 1.9% over the same month last year, "a reflection of Oklahoma's resilient economy," according to the state treasurer's office.

The state collected $1.27 billion in August, which is $24.2 million more than in August of 2024, according to information from State Treasurer Todd Russ.

The most significant increase in August was in the "other tax sources" category at $9 million, which Russ' office said in a news release shows "diverse economic activities."

A $4.3 million jump in the motor vehicle tax is attributed to steady vehicle sales and an $8.6 million increase in sales and use tax is due to back-to-school spending and tourism, according to Russ' office.

"These small but steady increases in tax revenue are a reflection of Oklahoma's resilient economy and the ongoing efforts of taxpayers to contribute to the state's growth," the news release said.

Possible moves by the Federal Reserve could affect Oklahoman's finances, according to Russ.

"As the Federal Reserve prepares to adjust interest rates, many taxpayers might see lower costs on mortgages and loans. However, those with savings and investments should expect lower returns. Balancing financial decisions will be key in the months ahead," Russ said.

The state's unemployment rate edged up 0.1% in July to 3.5%.

The U.S. Department of Labor announced Friday that total nonfarm payroll employment grew by 142,000 in August. The national unemployment rate is 4.2%.