Another indication of Texas continued strong economic growth
Texas Insider Report: AUSTIN Texas Texas Comptroller Glenn Hegar earlier today announced that the state sales tax revenue totaled $2.36 billion in September a 10.4 increase over September 2016. And the total sales tax revenue for the three months ending September 2017 is up 5.5 compared to the same period a year ago said Comptroller Hegars office.
The double-digit growth in sales tax revenue was due to increased spending in the oil- and natural gas-related sectors Hegar said.
But moderate growth was evident in sectors fueled primarily by consumer spending including retail trade and telecommunications services.
Sales tax revenue is the largest source of state funding for the state budget accounting for 58 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 September 2017 Texas collected the following revenue from those taxes:
- motor vehicle sales and rental taxes $385.5 million down 2.6 percent from September 2016;
- motor fuel taxes $293.8 million down 0.1 percent from September 2016; and
- oil and natural gas production taxes $293.2 million up 35.8 percent from September 2016.
For details on all monthly collections visit the Comptrollers Monthly State Revenue Watch.
