State Sales Tax Revenue Totaled $2.4 Billion In March
“Receipts from the oil and gas mining, construction and manufacturing sectors, as well as retail trade and restaurants, were up, while receipts from the information sector…”
(AUSTIN) — Texas Comptroller Glenn Hegar today said state sales tax revenue totaled $2.4 billion in March, 7.2 percent more than in March 2017.
“Sales tax revenue rose for almost all major economic sectors, indicating growth in both business and consumer spending,” Hegar said. “Receipts from the oil and gas mining, construction and manufacturing sectors, as well as retail trade and restaurants, were up, while receipts from the information sector were slightly down from a year ago.”
Total sales tax revenue for the three months ending in March 2018 was up 8.3 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 fuels and oil and natural gas production also rose in March 2018, while tax receipts from motor vehicle sales and rentals were down:
- motor vehicle sales and rental taxes — $384.4 million, down 4.8 percent from March 2017;
- motor fuel taxes — $276.6 million, up 3.9 percent from March 2017; and
- oil and natural gas production taxes — $410 million, up 38.1 percent from March 2017.
