January’s State Sales Tax Revenue Totaled Nearly $2.7 Billion
“The strong growth in revenue was led by collections from the mining, construction and wholesale trade sectors. The manufacturing, retail trade and restaurant sectors also saw strong gains…”
AUSTIN — Texas Comptroller Glenn Hegar said today that state sales tax revenue totaled $2.67 billion in January, 9.1 percent more than in January 2017.
“Growth in sales tax revenue occurred across all major economic sectors,” Hegar said. “The strong growth in revenue was led by collections from the mining, construction and wholesale trade sectors. The manufacturing, retail trade and restaurant sectors also saw strong gains.”
Total sales tax revenue for the three months ending in January 2018 was up 10.8 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 58 percent of all tax collections.
Revenue from other major taxes on motor vehicle sales and rentals, motor fuels and oil and natural gas production also rose in January 2018:
- motor vehicle sales and rental taxes — $427.7 million, up 5.1 percent from January 2017;
- motor fuel taxes — $304.6 million, up 3 percent from January 2017; and
- oil and natural gas production taxes — $407 million, up 63.9 percent from January 2017.
