(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 Boggs is the Creative Director at MSGPR. She lives in Angelina County and is pursuing her bachelor's degree in Public Relations and a minor in Creative Writing at Stephen F. Austin State University. Between studying and working, she enjoys teaching her niece and nephew the fine art of never growing old.
- Home Ideas2019.01.07The Verdict Is In: These 5 Home Design Ideas Will be Trending in 2019
- Food2019.01.034 Simple Tips for Blending a Better-For-You Smoothie
- General2018.12.27Tell 2018 to Take a Hike with a First Day Hike at a Texas State Park
- General2018.12.13DETCOG to Hold Annual Board of Directors Christmas Luncheon