Texas collected more sales tax revenue last month than any month ever before, at $3.88 billion, up 14.7% from a years ago, according to the comptroller’s...
The price of gas shows on a gas pump at the Exxon- 7-Eleven at 724 Hebron Parkway on Tuesday, Jun 21, 2022, in Lewisville, Texas.Texas collected more sales tax revenue last month than any month ever before, at $3.88 billion, up 14.7% from a years ago, according to the comptroller’s office, thanks in part to record collections for oil and natural gas production.
“July state sales tax collections showed continued vigorous growth from non-retail sectors,” Comptroller Glenn Hegar said in a statement. “The sharpest increase from a year ago was once again in receipts from oil and gas mining, but receipts from the construction, manufacturing and wholesale trade sectors were also up by double digits for the eighth consecutive month.”
Sales tax is the largest source of state funding for the state budget, accounting for 59% of all tax collections. He said Texas has had record-level production of oil and natural gas recently, and added that both commodities are in a high price environment.Taxes from motor vehicle sales and rentals rose 5% from July 2021 with $605 million. The state also collected $324 million through motor fuel taxes, a 3% year-over-year increase.
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