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Texas’Revenue Totaled $2.2b In June

 

Glenn H

 

State Sales Tax Revenue Totaled $2.2 Billion in June

(AUSTIN) — Texas Comptroller Glenn Hegar said today that state sales tax revenue in June totaled $2.2 billion, down 0.8 percent compared to June 2015.

“Sales tax revenue growth continues to be hobbled by reduced spending in oil- and gas-related sectors,” Hegar said. “Despite the recent increase in oil prices, spending is below even the reduced levels seen a year ago.”

Total sales tax revenue for the three months ending in June 2016 is down 1.9 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 significant revenue sources for the state.

In June 2016, Texas collected the following income from those taxes:

motor vehicle sales and rental taxes — $421.7 million, down 0.1 percent from June 2015;
motor fuel taxes — $295.1 million, up 7.6 percent from June 2015; and
oil and natural gas production taxes — $205.1 million, down 31.8 percent from June 2015.