The numbers don't lie!
April 2, 2019
Sales Tax Revenue Totaled $2.6 Billion in March
(AUSTIN) — Texas Comptroller Glenn Hegar today said state sales tax revenue totaled $2.6 billion in March, 9 percent more than in March 2018.
“State sales tax revenue growth was again strong in March, as we saw increased collections in all major economic sectors, including retail trade, information services, oil and gas and restaurants,” Hegar said. “Much of the increase stemmed more from consumer spending rather than business spending.”
Total sales tax revenue for the three months ending in March 2019 was up 7.3 percent compared to the same period a year ago. Sales tax is the largest source of state funding for the state budget, accounting for 57 percent of all tax collections.
In March 2019, Texas collected the following revenue from other major taxes:
• motor vehicle sales and rental taxes — $398.8 million, up 3.7 percent from March 2018;
• motor fuel taxes — $285.6 million, up 3.3 percent from March 2018;
• natural gas production taxes — $145.4 million, up 8.4 percent from March 2018; and
• oil production taxes — $276.4 million, up 0.2 percent from March 2018.
For details on all monthly collections, visit the Comptroller's Monthly State Revenue Watch. For an extensive history of tax policy developments and fees since 1972, visit our updated Sources of Revenue publication.
April 2, 2019
Sales Tax Revenue Totaled $2.6 Billion in March
(AUSTIN) — Texas Comptroller Glenn Hegar today said state sales tax revenue totaled $2.6 billion in March, 9 percent more than in March 2018.
“State sales tax revenue growth was again strong in March, as we saw increased collections in all major economic sectors, including retail trade, information services, oil and gas and restaurants,” Hegar said. “Much of the increase stemmed more from consumer spending rather than business spending.”
Total sales tax revenue for the three months ending in March 2019 was up 7.3 percent compared to the same period a year ago. Sales tax is the largest source of state funding for the state budget, accounting for 57 percent of all tax collections.
In March 2019, Texas collected the following revenue from other major taxes:
• motor vehicle sales and rental taxes — $398.8 million, up 3.7 percent from March 2018;
• motor fuel taxes — $285.6 million, up 3.3 percent from March 2018;
• natural gas production taxes — $145.4 million, up 8.4 percent from March 2018; and
• oil production taxes — $276.4 million, up 0.2 percent from March 2018.
For details on all monthly collections, visit the Comptroller's Monthly State Revenue Watch. For an extensive history of tax policy developments and fees since 1972, visit our updated Sources of Revenue publication.
Comment