Sales Tax Revenue Totaled $2.9 Billion in December.
(AUSTIN) — Texas Comptroller Glenn Hegar today said state sales tax revenue totaled $2.87 billion in December, 4.7 percent more than in December 2017.
“Growth in state sales tax revenue continues to be led by remittances from oil and gas-related sectors,” Hegar said. “The year-over-year rate of growth has moderated, as expected, due to strong collections from a year ago as well as the decline in the price of crude oil.”
Total sales tax revenue for the three months ending in December 2018 was up 6.5 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 December 2018, Texas collected the following revenue from other significant taxes:
Motor vehicle sales and rental fees — $395.9 million, down 4.5 percent from December 2017;
Motor fuel taxes — $314.3 million, up 3.5 percent from December 2017; and
Oil and natural gas production taxes — $478.5 million, up 20.7 percent from December 2017.
For details on all monthly collections, visit the Comptroller’s Monthly State Revenue Watch.
Announcing the 2019 Biennial Revenue Estimate
At the beginning of each regular legislative session, the Texas Constitution requires the Comptroller of Public Accounts to provide an estimate of the revenue that the State of Texas expects to receive through the next two-year budget period. The Biennial Revenue Estimate (BRE) forms the basis of Texas’ budget by setting out a limit on revenue available for general-purpose spending.
You are cordially invited to join Comptroller Glenn Hegar as he discusses the BRE for the 2020-21 biennium.
Monday, Jan. 7, 2019
Capitol Extension Auditorium (Room E1.004)