Oklahoma collections drop $502.5 million due to virus impact

Oklahoma collections drop $502.5 million due to virus impact
Gross receipts fell $502.5 million to just under $1.1 billion, down 31.8% from April 2019, McDaniel said. (Source: Live 5 News)

OKLAHOMA CITY (AP) — Revenue collections in Oklahoma fell by a half billion dollars in April as an economic slowdown due to the coronavirus pandemic swept the state, Treasurer Randy McDaniel said Thursday.

Gross receipts fell $502.5 million to just under $1.1 billion, down 31.8% from April 2019, McDaniel said.

Income tax collections fell by 50.5% to $405.8 million as McDaniel noted the filing deadline for income taxes was postponed from April 15 until July 15 because of the pandemic.

Gross production taxes on the sale of oil and natural gas totaled $60.7 million, down $19.1 million, or 24%, and do not reflect the impact of plunging oil prices because collections are based on February sales when oil was more than $50 per barrel.

Some businesses are reopening under plans announced by Gov. Kevin Stitt, who said Wednesday those plans remain on track.

The state Health Department reports more than 4,200 confirmed cases of coronavirus and at least 253 deaths. The number of infections is thought to be far higher because many people haven’t been tested and studies suggest people can have the disease without showing symptoms.

For most people, the coronavirus causes mild or moderate symptoms and the vast majority of those infected recover.