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Texas Comptroller Glenn Hegar: State sales tax revenue totaled $3.9 billion in June | texasinsider

Posted on by darion

“Revenues from consumer spending-driven sectors were up slightly from a year ago, with revenue growth across both retail and services.”

Texas Insider Report: AUSTIN, Texas – Texas Comptroller Glenn Hegar today reported that state sales tax revenues totaled $3.94 billion in June, up 0.4 percent from June 2023. The majority of June sales tax revenues are based on sales made in May and remitted to the agency in June.

 

“Monthly state sales tax revenues remained essentially flat compared to June 2023 revenues, following strong increases in May” Hegar said. “The overall trends we saw during the first three quarters of fiscal year 2024 were again evident in June.

“Sales tax remittances from core sectors, driven mainly by business spending, declined overall, with the exception of a modest increase in receipts from the construction sector.

“Revenues from consumer spending-driven sectors rose slightly from a year ago, with revenue growth across both retail and services. In the retail sector, remittances from convenience stores led the way.”

Total sales tax revenue for the three months ending in June 2024 increased 0.5 percent from the same period a year earlier. The sales tax is the largest source of funding for the state budget, accounting for 57 percent of all tax revenue.

Texas collected the following revenue from other major taxes:

  • Motor vehicle sales and rental taxes of $560 million, down 6 percent from June 2023;

  • Motor fuel taxes — $340 million, an increase of 5 percent compared to June 2023;

  • Oil production tax — $493 million, an increase of 8 percent compared to June 2023;

  • Natural gas production tax of $171 million, down 7 percent from June 2023;

  • Hotel occupancy tax — $71 million, an increase of less than 1 percent compared to June 2023;

  • Alcoholic beverage taxes — $160 million, an increase of 2 percent compared to June 2023.

For full details of all monthly payments, please visit State Comptroller’s Monthly Revenue ReportFor a comprehensive history of tax and fee policy developments since 1972, visit our updated page Sources of income publication.