State Sales Tax Revenue in March Totaled $2.2 Billion
(AUSTIN) — Texas Comptroller Glenn Hegar said yesterday that state sales tax revenue in March totaled $2.17 billion, up 2.1 percent compared to March 2015.
“The modest growth in sales tax collections for March was in line with expectations and comes after five consecutive months of declining sales tax revenues,” Hegar said. “Stronger growth in receipts from the retail trade, restaurant and construction sectors was offset by continued weakness in net collections from oil and gas-related sectors.”
Total sales tax revenue for the three months ending in March 2016 is down 3.2 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 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 streams for the state. Below are total collections from those taxes in March 2016:
- motor vehicle sales and rental taxes — $394.9 million, up 3 percent from March 2015
- motor fuel taxes — $281.6 million, up 8.2 percent from March 2015
- oil and natural gas production taxes — $107.2 million, down 54.9 percent from March 2015
For details on all monthly collections, visit the Comptroller’s Monthly State Revenue Watch.
