(AUSTIN) — Texas Comptroller Glenn Hegar said today that state sales tax revenue totaled $2.4 billion in June, 10.3 percent more than in June 2016.
“Growth in sales tax revenue was due to increased collections from most sectors of the economy — though the gains still did not offset May’s weaker-than-expected franchise tax collections,” Hegar said. “Receipts from the wholesale trade, information and oil- and gas-related sectors in particular saw significant gains.”
Total sales tax revenue for the three months ending in June 2017 is up 5.5 percent compared to the same period a year ago. Sales tax revenue is the largest source of state funding for the state budget, accounting for 56 percent of all tax collections. Motor vehicle sales and rental taxes, motor fuel taxes and oil and natural gas production taxes also are large revenue sources for the state.
In June 2017, Texas collected the following revenue from those taxes:
- motor vehicle sales and rental taxes — $414.5 million, down 1.7 percent from June 2016;
- motor fuel taxes — $312.4 million, up 5.9 percent from June 2016; and
- oil and natural gas production taxes — $269.9 million, up 31.5 percent from June 2016.
For details on all monthly collections, visit the Comptroller’s Monthly State Revenue Watch.
- Misty graduated from Angelina College in May 2012 after serving two semesters as editor and co-editor for the college newspaper. Looking for an outlet to put her experience and degree to work, she joined MSGPR as an intern for LufkinPantherSports.com, covering everything from swim meets to football games. She has also written on a variety of other topics, fulfilling a desire to help clients’ creatively communicate with their community while at MSGPR. In 2014, she became editor for Texas Forest Country Living.