Oil Production Taxes increased 84% from July 2021, as Natural Gas Production Taxes jump 185%
Texas Insider Report: AUSTIN, Texas – Texas Comptroller Glenn Hegar today said state sales tax revenue totaled $3.88 billion in July, 14.7% more than in July 2021, and the highest monthly collections on record.
The majority of July sales tax revenue is based on sales made in June and remitted to the agency in July.
"July state sales tax collections showed continued vigorous growth from non-retail sectors," Hegar said. "The sharpest increase from a year ago was once again in receipts from oil and gas mining, but receipts from the construction, manufacturing and wholesale trade sectors were also up by double digits for the eighth consecutive month."Receipts from retail trade and restaurants increased at a moderate pace, with some retail segments showing no growth or declining from a year ago as pent-up demand from the pandemic wanes and consumer spending priorities shift in response to inflation.
“Receipts from auto dealers and parts stores and home improvement stores exhibited double-digit growth, while receipts from general merchandise and online vendors grew more modestly. Receipts from clothing and apparel stores, home furnishings stores, and sporting goods and hobby stores were flat compared with a year ago, while receipts from electronics and appliance stores declined.”
Total sales tax revenue for the three months ending in July 2022 was up 13.1% compared with the same period a year ago. Sales tax is the largest source of state funding for the state budget, accounting for 59% of all tax collections.
Texas collected the following revenue from other major taxes:
- Motor Vehicle Sales & Rental Taxes — $605 million, up 5% from July 2021;
- Motor Fuel Taxes — $324 million, up 3% from July 2021;
- Oil Production Tax — $694 million, the highest monthly collections on record, up 84% from July 2021;
- Natural Gas Production Tax — $532 million, the highest monthly collections on record, up 185% from July 2021;
- Hotel Occupancy Tax — $73 million, up 22% from July 2021; and
- Alcoholic Beverage Taxes — $149 million, up 13% from July 2021.
