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State sales tax revenue totals $3.7 billion

by | Jun 9, 2022 | Latest

Texas Comptroller Glenn Hegar announced state sales tax revenues totaled $3.69 billion in May, an 8.6% increase from May 2021.

“Strong, double-digit growth was seen once again in sectors driven primarily by business spending, with receipts from the oil and gas mining sector continuing to exhibit particularly robust growth compared to a year ago,” Hegar said. “Receipts from the construction and wholesale trade sectors also continue to show strong growth.”

Hegar said receipts from the services sector posted another substantial gain compared to the same month last year. Spending at sporting events and concerts was especially strong last month, Hegar said.

Additionally, restaurant receipts were also up compared to May 2021.

“Increases in these consumer-driven sectors, coupled with a decrease in receipts from the furniture and general merchandise sectors compared to a year ago, may further indicate that sectors that benefitted from pandemic spending patterns will face continued headwinds due to a shift in consumer spending patterns from goods to services,” Hegar said.

Total sales tax revenue for the three months ending in May 2022 was up 15.7% compared to the same period a year ago. Sales tax is the largest source of state funding for the budget, accounting for 59% of all tax collections.

Motor vehicle sales and rental taxes collected were $603 million, up 9% from May 2021.

Fuel taxes were $319 million, up 1% from last year.

Oil production taxes were at $595 million, up 64% from May 2021.

Natural gas production taxes were $413 million, the highest collections on record and up 216% from last year.

Hotel occupancy taxes were $69 million, up 44% from May 2021.

Lastly, alcoholic beverage taxes were at $154 million, up 22% from last year.

The majority of May sales tax revenue is based on sales made in April and remitted to the agency in May.

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