“Increased tax collections continue to be led by remittances from oil- and gas-related sectors, but at a slower pace than in recent months…”
AUSTIN — Texas Comptroller Glenn Hegar today said state sales tax revenue totaled $2.998 billion in November, 7.7 percent more than in November 2017.
“While slower than the double-digit pace of recent months, state sales tax revenue growth in November was strong,” Hegar said. “Increased tax collections continue to be led by remittances from oil- and gas-related sectors, but at a slower pace than in recent months. Growth from retail trade and restaurants, the sectors most dependent on consumer spending, was positive, but comparatively modest.”
Total sales tax revenue for the three months ending in November 2018 was up 9.8 percent compared to the same period a year ago. The sales tax is the largest source of state funding for the state budget, accounting for 57 percent of all tax collections.
In November 2018, Texas collected the following revenue from other major taxes:
• motor vehicle sales and rental taxes — $405.1 million, down 2.5 percent from November 2017;
•motor fuel taxes — $311.4 million, up 1 percent from November 2017; and
• oil and natural gas production taxes — $529.6 million, up 49.4 percent from November 2017.