State Treasurer Todd Russ announced this week Oklahoma’s September tax revenue totaled $1.5 billion, an increase of 17.8% over August and 0.4% higher than September 2024. Over the past 12 months, total receipts reached $16.95 billion, virtually unchanged from the prior year but steady amid national headwinds.
“This month’s report shows encouraging momentum with revenues rebounding nearly 18% from August and posting year-over-year growth,” said Treasurer Russ. “Strong income and energy tax revenue continue to anchor Oklahoma’s economy, even as sales activity softens. With steady employment and a balanced fiscal approach, our state remains well-positioned to navigate national uncertainty.”
Key Takeaways from the September 2025 Tax Revenue Report
• Income Tax: $651.5 million — up 21.2% month-over-month and 8.4% year-over-year.
• Gross Production Tax (oil & gas): $89.7 million — up 4.5% from August and 5.0% year-over-year.
• Motor Vehicle Tax: $75.1 million — up 5.2% month-over-month but slightly down 1.3% year-over-year.
• Sales & Use Tax: $556.2 million — down 6.5% from August and 6.1% from September 2024, signaling softening consumer activity.
• Other Sources: $126.0 million — down 5.9% from August and 9.1% year-over-year, reflecting broad-based moderation across more than 70 smaller revenue streams.
• Business Conditions Index: Rose slightly to 50.8, suggesting modest regional expansion.
Ties to National Trends
Across the U.S., states continue to face slowing consumer spending and the effects of elevated interest rates. Inflation edged up to 2.9%, keeping the Federal Reserve in a cautious stance.
• The national unemployment rate rose slightly to 4.3%, while the Oklahoma rate remains lower at 3.1%, underscoring the strength of the state’s workforce.
• Energy markets remain volatile, but Oklahoma’s gross production tax improved, offering steady support for revenues.
• Manufacturing exports reached $4.02 billion through the first seven months of 2025, nearly level with last year, reflecting ongoing competitiveness despite global shifts.
• The softening in sales and use tax revenue is viewed as a seasonal adjustment rather than an early sign of trouble, short-term fluctuations are expected as consumer spending shifts with inflation, interest rates, and seasonal activity.
“Even as the national economy slows, Oklahoma continues to demonstrate resilience,” Treasurer Russ added. “The combination of strong job numbers, energy contributions, and conservative fiscal management provides a solid foundation for the months ahead.”
The complete September 2025 Tax Revenue Report is available at treasurer.ok.gov, including breakdowns by tax category, sector, and month.