" /> State Sales Tax Revenue Totaled $2.74 Billion In July – EastTexasRadio.com
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State Sales Tax Revenue Totaled $2.74 Billion In July

 

 

Texas Comptroller Glenn Hegar announced state sales tax revenue totaled $2.74 billion in July, 6.9 percent more than in July 2017.

“Sales tax receipts from almost all major economic sectors were up compared with last year,” Hegar said. “The most notable increases were from oil and gas mining and manufacturing sectors, followed by wholesale trade, restaurants, and services. Recent tax collections have also been boosted by a tax amnesty, including more than $39 million in delinquent state sales tax revenue, most of which was processed in July.”

Total sales tax revenue for the three months ending in July 2018 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 July 2018:

  • motor vehicle sales and rental taxes — $437.1 million, up 13.6 percent from July 2017;
  • motor fuel taxes — $312.9 million, up 1.5 percent from July 2017; and
  • oil and natural gas production taxes — $407.9 million, up 62.2 percent from July 2017.

For details on all monthly collections, visit the Comptroller’s Monthly State Revenue Watch.