Texas Insider Report: AUSTIN Texas Texas Comptroller Glenn Hegar today said state sales tax revenue totaled $2.796 billion in February 7 percent more than in February 2018.
Growth in sales tax revenue was led by remittances from the construction manufacturing and services sectors" Hegar said. Receipts from information services and restaurants also grew significantly. Receipts from oil- and gas-mining firms remained about the same as a year ago."
Total sales tax revenue for the three months ending in February 2019 was up 5.9 percent compared to the same period a year ago. Sales tax is the largest source of state funding for the state budget accounting for 57 percent of all tax collections.
In February 2019 Texas collected the following revenue from other major taxes:
- motor vehicle sales and rental taxes $420.3 million down 0.4 percent from February 2018;
- motor fuel taxes $299.3 million up 0.9 percent from February 2018;
- natural gas production taxes $163.8 million up 22.2 percent from February 2018; and
- oil production taxes $268.5 million down 12.6 percent from February 2018. After 24 consecutive months of year-over-year increases this is the second straight month of year-over-year declining oil production tax revenue.
For details on all monthly collections visit the Comptrollers Monthly State Revenue Watch. For an extensive history of tax policy developments and fees since 1972 visit our updated Sources of Revenue publication.
