Texas Sales Tax Revenue Totaled $2.7 Billion In December
“Double-digit growth in sales tax revenue was fueled by collections from oil-and gas-related sectors as well-drilling and completion continued to rebound…”
(AUSTIN) — Texas Comptroller Glenn Hegar said today that state sales tax revenue totaled $2.75 billion in December, 12.3 percent more than in December 2016.
“Double-digit growth in sales tax revenue was fueled by collections from oil-and gas-related sectors as well-drilling and completion continued to rebound,” Hegar said. “But growth in tax receipts was notable across all major economic sectors, including retail trade and restaurants.”
Total sales tax revenue for the three months ending in December 2017 was up 10.2 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 December 2017:
- motor vehicle sales and rental taxes — $414.3 million, up 16.1 percent from December 2016 (vehicle purchases to replace cars damaged by Hurricane Harvey continued to boost those tax collections);
- motor fuel taxes — $303.7 million, up 4.9 percent from December 2016; and oil and natural gas production taxes — $396.4 million, up 73.4 percent from December 2016.
