Texas sales tax revenue totaled $2.6 billion in July
(AUSTIN) — Texas Comptroller Glenn Hegar said today that state sales tax revenue totaled $2.56 billion in July, 7.9 percent more than in July 2016.
“Sales tax receipts from all major economic sectors were up compared to last year,” Hegar said. “The most notable increases were from oil- and gas-related industries, as spending on well development continues to rebound. Despite the recent uptick, sales tax revenue remains in line with recent estimates from my office.”
Total sales tax revenue for the three months ending in July 2017 is up 7.3 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 56 percent of all tax collections. Motor vehicle sales and rental taxes, motor fuel taxes and oil and natural gas production taxes also are large revenue sources for the state.
In July 2017, Texas collected the following revenue from those taxes:
motor vehicle sales and rental taxes — $384.7 million, down 7.3 percent from July 2016; motor fuel taxes — $308.2 million, up 3.7 percent from July 2016; and oil and natural gas production taxes — $251.5 million, up 24.6 percent from July 2016.
For details on all monthly collections, visit the Comptroller’s Monthly State Revenue Watch.
MONTHLY STATE REVENUE WATCH
To promote better understanding of the state’s finances, Revenue Watch now reports revenue in two ways:
All Funds (Excluding Trusts)
The all-funds report shows revenues received from all sources that are available for spending on all state governmental purposes. All funds include general revenue-related funds, general revenue dedicated funds, federal income and other revenues.
The report for general revenue-related funds shows revenues designated for general-purpose spending.
Both reports present revenue on a cash basis by month of collection, though not all revenues are actually received monthly. For example, firms remitting sales taxes may do so monthly, quarterly or annually, generally depending on their size. The franchise tax is remitted once a year, usually in May.
Some sources of revenue include:
taxes federal income land income fees interest lottery proceeds
The largest sources of state tax revenue are:
sales taxes the franchise tax (the state’s primary business tax) motor vehicle-related taxes taxes on crude oil and natural gas production
All amounts shown reflect net revenue, which is gross revenue less any discounts, allowances, adjustments or refunds allowed by law. These reports are updated monthly.