May tax revenues fall slightly for the state of Oklahoma.

 

That's the word from the Oklahoma Office of the State Treasurer. Tax revenues for May totaled $1.28 billion – a 36% decline from April. State Treasurer Todd Russ stated that the decrease is to be expected following tax season, but that the overall outlook for the Oklahoma economy remains strong. The May tax report shows that sales tax remains the largest single revenue source, indicating that household spending habits are steady. The gross production tax from oil and gas increased slightly by 2.1%, which is good news for the state's energy sector.

 

Like many U.S. states, Oklahoma is seeing flattening revenues as the economy cools in response to Federal Reserve interest rate policies and static inflation. However, Oklahoma remains well-positioned due to its balanced budget requirements and sector diversity.

 

To see the full May 2025 Tax Revenue Report, follow this link.